New Delhi, Sept. 21 -- Indian billionaire Lakshmi N Mittal and Serum Institute of India (SII) executive Adar Poonawalla have secured regulatory approval to acquire the Rajasthan Royals cricket franchise and its two international teams in a transaction valued at around $1.65 billion (approximately Rs.1,58,38.63 crore), according to a Billionaires Africa report.

The Competition Commission of India (CCI) cleared the proposed acquisition of Rajasthan Royals, which competes in the Indian Premier League (IPL), along with Paarl Royals in South Africa's SA20 league and Barbados Royals in the Caribbean Premier League (CPL). The regulator announced its approval on September 17.

The transaction is being executed through Westview Cricket Limited, a...