A consortium of Lakshmi N Mittal, Aditya Mittal and Adar Pooonawala has acquired intense pulsed light franchise rajasthan royals The company acquired its sister entities (Paarl Royals and Barbados Royals) for about $1.65 billion, TOI has learned. A press release is expected soon.Subject to regulatory clearances including BCCI, Competition Commission of India (CCI) and IPL Governing Council approval, the Mittal family will own around 75 per cent of the franchise, with Poonawala holding 18 per cent and the remaining around 7 per cent held by existing investors, including current owner Manoj Badale. The transaction is expected to close in the third quarter of 2026.
ArcelorMittal Chairman Lakshmi N. Mittal, CEO Aditya Mittal, non-independent director Vanisha Mittal-Bhatia, Serum Institute of India CEO Adar Poonawalla and Manoj Badale will join the Rajasthan Royals board. March 21, Monday Kal Somani-led consortium emerged as frontrunner to own the franchise for $1.63 billion (£1.2bn), but the effort has hit a roadblock due to an inability to raise the required funds, regulatory uncertainty and the consortium buyer structure of IPL franchises.The Somani-backed consortium includes American businessman Rob Walton of the Walmart family and the Hamp family, which also owns a majority stake in the NFL’s Detroit Lions. Sheila Ford Hamp is also a member of the Ford family, which owns a large stake in the Ford Motor Company.Rajasthan Royals is currently owned by Manoj Badale’s Emerging Media Ventures, which holds a 65% stake in the team, with minority investors including US investment management firm RedBird Capital Partners (about 15% stake) and Fox’s Lachlan Murdoch.
