Billionaire Lakshmi N Mittal and Serum Institute of India executive Adar Poonawalla have received regulatory approval to acquire the Rajasthan Royals cricket franchise and its overseas teams in a deal valued at around $1.65 billion.
The Competition Commission of India approved the proposed acquisition on September 17. The deal covers the Rajasthan Royals in the Indian Premier League, Paarl Royals in South Africa’s SA20 and Barbados Royals in the Caribbean Premier League.
The acquisition is being carried out through Westview Cricket Limited, a UK-based investment company owned by the Mittal family, along with Poonawalla Sports and Fitness.
The Mittal family, led by Lakshmi Mittal and his son Aditya Mittal, is expected to acquire around 75% of the franchise group. Adar Poonawalla is set to hold about 18%, while existing investors, including Manoj Badale, are expected to retain around 7%.
The deal would give the new investor group control of cricket teams competing across three major T20 leagues in India, South Africa and the Caribbean.
The acquisition was announced earlier this year after a previous deal involving a US-led investor group reportedly fell through. The transaction still requires other regulatory approvals and must meet the remaining closing conditions, including approvals from the BCCI and IPL Governing Council.
If completed, the deal would mark the Mittal family’s entry into professional cricket and add to the growing presence of Indian business groups in international T20 cricket.
