Jaipur, May 3 -- In one of the biggest ownership shake-ups in Indian Premier League history, UK-based Indian-origin steel magnate Lakshmi Mittal has led a consortium to acquire the Rajasthan Royals franchise in a $1.65 billion (around Rs 15,660 crore) deal.
Mittal confirmed that a definitive agreement has been reached to take over the Jaipur-based franchise, one of the original IPL teams. The consortium includes Serum Institute of India chief Adar Poonawalla and outgoing lead owner Manoj Badale, who will continue in a supporting role.
As per the agreed structure, the Mittal Family will hold a controlling 75 per cent stake in the franchise. Poonawalla will own 18 per cent, while the remaining 7 per cent will stay with existing investors, i...