Lakshmi Mittal, Poonawalla-led group to buy IPL franchise for $1.65 billion

Mittal will hold about 75 percent of the franchise while Poonawalla is set to own around 18 percent

Lakshmi Mittal, CEO of ArcelorMittal, is seen during the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 22, 2020. REUTERS

A consortium led by steel billionaire Lakshmi Mittal and vaccine tycoon Adar Poonawalla has agreed to acquire Indian Premier League franchise Rajasthan Royals in a deal valuing the team at $1.65 billion, a statement said.

Mittal will hold about 75 percent of the franchise along with his family, while Poonawalla is set to own around 18 percent, the statement issued by the consortium said. Existing investors, including Manoj Badale, will retain about a 7 percent stake.

The deal includes the Rajasthan Royals' men's IPL team as well as its sister franchises Paarl Royals in South Africa's SA20 competition and Barbados Royals in the Caribbean Premier League.

Completion of the transaction is subject to regulatory approval, including from the Board of Control for Cricket in India (BCCI), the antitrust watchdog and the IPL Governing Council, and is expected in the third quarter of 2026.

Mittal, his son Aditya, and daughter Vanisha Mittal-Bhatia, Poonawalla and Badale will join the Rajasthan Royals' board following completion.

Badale will continue to support the franchise in an ongoing role.