India, May 4 -- Renowned industrialist Lakshmi N. Mittal and his son Aditya Mittal, along with Adar Poonawalla, have acquired a majority stake in Rajasthan Royals with a bid of USD 1.65 billion (approximately Rs 15,600 crore) after the Kal Somani-Rob Walton-Sheila Ford Hamp consortium pulled out of the race.

The transaction consideration (USD 1.65 billion) represents the enterprise value of Rajasthan Royals' men's franchise, Paarl Royals and Barbados Royals.

Completion is subject to customary closing conditions, including approvals from the BCCI, the CCI, the IPL Governing Council and other applicable regulatory authorities.

The deal is expected to close in the third quarter (Q3) of 2026.

Earlier, the US-based consortium led by Somani...