Lakshmi Mittal and Adar Poonawalla clear CCI hurdle for Royals purchase

Indian billionaire Lakshmi Mittal and Serum Institute of India executive Adar Poonawalla have received Competition Commission of India approval to acquire the Rajasthan Royals franchise and its two international teams. The transaction is valued at around $1.65 billion.

The deal covers Rajasthan Royals in the IPL, Paarl Royals in South Africa's SA20 league and Barbados Royals in the Caribbean Premier League. Westview Cricket Limited, owned by the Mittal family, will purchase about 75 per cent of the franchise group while Poonawalla will hold around 18 per cent.

The transaction still requires approval from the BCCI and the IPL Governing Council. Existing investors including Manoj Badale are expected to retain roughly 7 per cent.