Bengaluru, March 25: A consortium led by Aditya Birla Group completed the acquisition of Indian Premier League (IPL) franchise Royal Challengers Bengaluru on Tuesday. The consortium, which includes Indian billionaire Kumar Mangalam Birla’s Aditya Birla Group, Times of India Group, David Blitzer’s Bolt Ventures and US-based Blackstone investment, will pay 1.78 billion dollars (more than Rs 16,000 crore) for the defending IPL champions. The consortium has agreed the deal with United Spirits Limited (USL), a subsidiary of UK-Diageo plc to acquire 100 percent stake of RCB.
Aryaman Vikram Birla, director, Aditya Birla Group, will serve as the chairman while Satyan Gajwani of The Times of India Group will serve as Vice Chairman of the franchise.
Earlier, Rajasthan Royals was acquired by US-based Kal Somani-led consortium for USD 1.63 billion (approx Rs 15,290 crore), The Somani-led consortium includes Rob Walton from the Walmart family and Hamp family (Ford motor company).
Somani is an Arizona-based tech entrepreneur who has founded IntraEdge (technology services and solutions), Truyo.Ai (data privacy rights and AI governance) and Academian (edtech services).
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