Lakshmi Mittal, the Indian origin steel magnate who lives in United Kingdom, has announced the acquisition of Rajasthan Royals. According to Cricbuzz, he has disclosed that a definitive agreement has been reached to takeover the Jaipur franchise, one of the original eight teams of the Indian Premier League. Adar Poonawalla of Serum institute of India (SII) and current lead-owner Manoj Badale are also part of the consortium that has acquired the franchise for USD 1.65 billion – INR 15,660 crore as per current exchange rate.
“Mr Badale will continue to support Rajasthan Royals, acting as a bridge between the past and the present, and bringing his deep knowledge and experience of cricket to the franchise,” the consortium said in a joint statement. The acquisition covers Rajasthan Royals’ subsidiaries in South Africa and the Caribbean – Paarl Royals and Barbados Royals. It is interesting to note that the Mittal family has a deep connection with the state of Rajasthan. Lakshmi Mittal was born and grew up in the village of Sadulpur, North Rajasthan.
Poonawalla added, “I am delighted to partner with Aditya Mittal on this investment. Rajasthan Royals is a premier IPL franchise with a strong legacy, and I look forward to supporting its continued growth and long-term success.”
