MUMBAI, March 27 -- Royal Challengers Bengaluru co-owner Aryaman Birla sees the Indian Premier League (IPL) as more than cricket-it is a mirror of India's consumption story.

"As the Indian middle class grows and the pay increases, it goes into advertising and broadcasting and it touches most number of people. It goes into revenue and we saw this as a consumption, media, entertainment, and sports story," the Birla scion said at the Mint India Investment Summit in Mumbai.

Earlier this week, a consortium comprising the Aditya Birla Group, US sports investor David Blitzer, private equity giant Blackstone, and Satyan Gajwani of the Times Group family office acquired the reigning IPL champion from liquor giant United Spirits Ltd for $1.78 bil...