A consortium led by Aditya Birla Group completed the acquisition of Indian Premier League (IPL) franchise Royal Challengers Bengaluru for more than Rs 16,000 crore.
A consortium led by Aditya Birla Group completed the acquisition of Indian Premier League (IPL) franchise Royal Challengers Bengaluru on Tuesday. The consortium, which includes Indian billionaire Kumar Mangalam Birla’s Aditya Birla Group, Times of India Group, David Blitzer’s Bolt Ventures and US-based Blackstone investment, will pay 1.78 billion dollars (more than Rs 16,000 crore) for the defending IPL champions. The consortium has agreed the deal with United Spirits Limited (USL), a subsidiary of UK-Diageo plc to acquire 100 percent stake of RCB.
Aryaman Vikram Birla, director, Aditya Birla Group, will serve as the chairman while Satyan Gajwani of The Times of India Group will serve as Vice Chairman of the franchise.
“Over the past two decades, the IPL has morphed to become a global sporting powerhouse that has changed the face of Indian cricket creating enormous value for India. RCB, as one of the most compelling franchises in modern sport, offers the Aditya Birla Group a distinctive platform to extend its legacy of institution-building into the arena of global sport. We are delighted to become custodians of this asset and committed to further building this extraordinary legacy,” Kumar Mangalam Birla, Chairman, Aditya Birla Group, said in a statement.
Satyan Gajwani, the chairman, Times Internet Limited added: “RCB is the reigning champion and the most popular brand in the IPL. As The Times of India Group, together with our partners, we will build RCB into a global sporting institution, while remaining rooted in Bengaluru and Karnataka and its incredible fanbase. We are committed to the people who built this championship-winning culture – the players, coaches, the leadership team, and the fans. We look forward to supporting the team as they take the pitch on Saturday to defend RCB’s title.”
