Mittal Family, Poonawalla to Buy IPL Franchise for $1.65 Billion
An Indian Premier League Twenty20 cricket match between Rajasthan Royals and Punjab Kings at the Sawai Mansingh Stadium in Jaipur.
Photographer: Arun Sankar/AFP/Getty ImagesA consortium led by steel billionaire Lakshmi Mittal and Adar Poonawalla will acquire Indian franchise cricket team Rajasthan Royals in a deal valued at $1.65 billion.
Mittal — who is the largest shareholder of ArcelorMittal SA — will own about 75% equity in the Indian Premier League outfit along with his family, according to a statement by the consortium Sunday. Indian billionaire Adar Poonawalla is set to own around 18% in the cricket team, while existing investors including Manoj Badale will retain near 7% stake.