A consortium led by steel billionaire Lakshmi Mittal and vaccine tycoon Adar Poonawalla has agreed to acquire the Indian Premier League franchise Rajasthan Royals in a deal valuing the team at $1.65 billion.
Mittal will hold approximately 75% of the franchise along with his family, while Poonawalla will own about 18%. Existing investors, including Manoj Badale, will retain a roughly 7% stake.
The acquisition includes the Rajasthan Royals' men's IPL team and its sister franchises Paarl Royals in South Africa's SA20 competition and Barbados Royals in the Caribbean Premier League.
The transaction is subject to regulatory approval from the BCCI, the antitrust watchdog, and the IPL Governing Council. It is expected to close in the third quarter of 2026.