Mumbai, May 3 -- The family of steel magnate Lakshmi N. Mittal has signed a definitive agreement to acquire Rajasthan Royals in partnership with Adar Poonawalla, in a transaction valuing the cricket franchise at approximately $1.65 billion.

The acquisition is from the current ownership group led by Manoj Badale and consortium investors, a statement from the Mittal family said on Sunday.

"Aditya Mittal will take the lead position on behalf of the family. The deal was signed last night," a person with direct knowledge of the development told Mint. As part of the new structure, Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Manoj Badale will join the board of Rajasthan Royals.

Following completion of the transa...