mumbai, May 4 -- After falling short in previous attempts to acquire the Royal Challengers Bengaluru and losing the initial bidding war for the Rajasthan Royals, the Mittal family has finally secured a majority stake in the latter, proving that the third time is the charm. The family of steel magnate Lakshmi N. Mittal has signed a definitive agreement to acquire Rajasthan Royals in partnership with vaccine king Adar Poonawalla, in a transaction valued at approximately $1.65 billion. Rajasthan Royals owners Manoj Badale and other investors are selling most of their shares, in India's second major cricket franchise sale in less than two months. "Aditya Mittal will take the lead position on behalf of the family. The deal was signed last night," a person with direct knowledge of the development said. Aditya, son of group patriarch Lakshmi Mittal, is chief executive of ArcelorMittal, the world's second largest steelmaker, and chairman of ArcelorMittal Nippon Steel India. Mittal and Poonawalla had jointly pursued Royal Challengers Bengaluru earlier, which was ultimately snapped up by the Aditya Birla Group, along with sports investor David Blitzer and the Times family office for a record-breaking $1.78 billion. Mittal was also beaten in the first round of bidding for Rajasthan Royals by the Kal Somani group, before that deal unravelled. The battle for cricket franchises highlights the steep value of premium sports assets linked to the world's richest cricket tournament. Once the transaction is completed, the Mittal family will own around 75% of the franchise, while Poonawalla will hold about 18%. Badale and others will continue to hold the remaining 7%. Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Poonawalla and Badale will join the board of Rajasthan Royals....