Lakshmi Mittal family, Adar Poonawalla secures CCI nod to buy Rajasthan Royals & 2 other teams

Indian billionaire Lakshmi N Mittal and Serum Institute of India (SII) executive Adar Poonawalla have received regulatory approval to acquire the Rajasthan Royals cricket franchise and its two overseas teams in a deal valued at approximately $1.65 billion (approximately ₹1,58,38.63 crore), reported by billionaires africa.

The Competition Commission of India (CCI) approved the acquisition of Rajasthan Royals in the Indian Premier League (IPL), Paarl Royals in South Africa’s SA20 league and Barbados Royals in the Caribbean Premier League (CPL). The regulator announced its approval on September 17.

Mittal family to hold controlling stake

The transaction is being carried out through Westview Cricket Limited, a UK-registered investment vehicle owned by the Mittal family, and Poonawalla Sports and Fitness Private Limited.

The Mittal family, led by Lakshmi Mittal and his son Aditya Mittal, is expected to acquire around 75% of the franchise group through Westview Cricket. Poonawalla will hold approximately 18%, while existing investors, including Manoj Badale, are expected to retain about 7%, according to the Billionaires Africa report.

The acquisition covers the wider Royals franchise network rather than the IPL team alone. Mauritius-based EM Sporting Holdings owns the entities operating Rajasthan Royals, Paarl Royals and Barbados Royals.

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Deal expands cricket footprint

The agreement gives the new investor group control of teams competing in three major franchise cricket markets — India, South Africa and the Caribbean.

Paarl Royals play in SA20, South Africa’s premier domestic T20 competition, while Barbados Royals compete in the CPL. The move will make the Mittal family one of the biggest owners in South African franchise cricket.

The acquisition was announced earlier this year at an enterprise value of about $1.65 billion (approximately ₹1,58,38.63 crore). It followed the collapse of an earlier proposed transaction involving an alliance led by US investors, which had reportedly valued the franchise group at around $1.63 billion (approximately ₹1,56,217.24 crore).

Other approvals may be required

Although the CCI’s decision removes a key competition-law hurdle, the transaction remains subject to other applicable approvals and closing conditions. The deal also required clearance from the Board of Control for Cricket in India and the IPL Governing Council.

Once completed, the acquisition will mark a major entry into professional cricket for the Mittal family and strengthen the growing involvement of Indian business groups in international T20 leagues.

Who is Laxmi Mittal?

Lakshmi Mittal is an Indian-born steel magnate and the executive chairman of ArcelorMittal, one of the world’s largest steel producers.

Born in Sadulpur, Rajasthan, in 1950, Mittal built his global business by acquiring and turning around steel plants in several countries before creating ArcelorMittal through the 2006 merger of Mittal Steel and Arcelor.

Known for his investments in manufacturing, infrastructure and sports, he has remained one of India’s most prominent business figures despite spending much of his professional life overseas.