The Competition Commission has granted approval for industrialist Lakshmi N. Mittal, along with his son Aditya Mittal and Adar Poonawalla, to acquire the Rajasthan Royals franchise and two additional professional cricket teams. This decision marks a significant development in the landscape of Indian cricket, as it brings prominent business figures into the ownership fold of these franchises.
Westview Cricket Ltd and Poonawalla Sports and Fitness Pvt Ltd will be buying Rajasthan Royals (India), Paarl Royals (South Africa) and Barbados Royals (Barbados). Westview Cricket, a company registered in the UK, is owned by Lakshmi Mittal family while Poonawalla Sports is owned by Adar Cyrus Poonawalla. EM Sporting Holdings Ltd (EMSH), a private company incorporated in Mauritius, is the holding company for Royal Multisport Pvt Ltd (RMPL), Paarl Royals Ltd and Barbados Royals Ltd. Deals beyond a certain threshold require approval from CCI. The regulator keeps a tab on unfair business practices and also promotes fair competition in the market place.
The transaction value is around $1.65 billion.
RMPL owns and operates the Rajasthan Royals franchise, which participates in the Indian Premier League T20 cricket tournament organised by the Board of Control for Cricket in India, the release said. Competition Commission of India (CCI) has approved the acquisition, an official release said on Thursday.