Lakshmi Mittal’s Consortium Buys Rajasthan Royals for ₹15,660 Crore, Mittal Takes 75% Stake

While the current season of the IPL is ongoing, the Rajasthan Royals have been sold. Indian industrialist Lakshmi Mittal has purchased the ownership of the team that was the champion of the very first year of the IPL. Mittal officially announced the agreement today.
However, the Mittal family has not purchased the ownership of the Rajasthan team entirely alone. An Indian industrial group has acquired the ownership of the IPL team by forming a consortium. They have, of course, kept the majority stake for themselves.
Among the new partners of the Rajasthan Royals are Adar Poonawalla, owner of the Serum Institute of India, and former majority stakeholder Manoj Badale. The ownership of Rajasthan has been transferred for $1.85 billion, which is approximately 15,660 crore rupees.
A consortium led by American businessman Karl Shuman was also in the race to buy the team. Within the new ownership group of Rajasthan, Mittal will hold a 75% stake. Poonawalla’s share will be 18%. On the other hand, the remaining 7% will be owned by Badale and a few others.