Mittal-Led Group to Buy Rajasthan Royals for $1.65 Billion

A consortium led by steel magnate Lakshmi N. Mittal, his son Aditya Mittal, daughter Vanisha Mittal-Bhatia, and Serum Institute of India CEO Adar Poonawalla has agreed to acquire the Rajasthan Royals IPL franchise along with its sister teams, Paarl Royals in South Africa and Barbados Royals in the Caribbean, in a deal valued at 1.65 billion dollars.

The agreement, announced in a joint statement, values the global portfolio at approximately 15,660 crore rupees. Upon completion, expected in the third quarter of 2026 pending regulatory approvals from the Board of Control for Cricket in India, the Competition Commission of India, and the IPL Governing Council, the Mittal family will hold 75 percent of the franchise. Poonawalla will own 18 percent, with the remaining 7 percent retained by existing investors, including current principal owner Manoj Badale.

Badale, who led the group that purchased Rajasthan Royals in 2008 for 67 million dollars, will join the new board alongside Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, and Poonawalla. He will continue in an advisory role, providing continuity with his extensive experience in the franchise.