India, May 3 -- Steel magnate Lakshmi Mittal will be the new majority shareholder of Rajasthan Royals, pending approvals. The Mittal family announced on Sunday that it has reached a definitive agreement to acquire IPL's inaugural champions in partnership with Adar Poonawalla.

The Jaipur franchise's new enterprise value will be $1.65 billion. The Mittals will hold a 75% stake and Poonawalla 18%. The remaining 7% will be retained by existing shareholders, including founder Manoj Badale.

On March 24, it was reported that tech entrepreneur Kal Somani, one of RR's minority stakeholders, had made the winning bid to acquire the franchise in a consortium that included Rob Walton, heir to the Walmart empire and owner of NFL's Denver Broncos, as ...