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 ₹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 UK-registered investment vehicle owned by the Mittal family, and Poonawalla Sports and Fitness Private Limited.
The Mittal family, led by Lakshmi Mittal and his son Aditya Mittal, is expected to purchase about 75% of the franchise group through Westview Cricket. Poonawalla is set to hold around 18%, while existing investors, including Manoj Badale, are expected to retain roughly 7%, the Billionaires Africa report said.
The deal extends beyond the Rajasthan Royals IPL team and covers the wider Royals franchise network. Mauritius-based EM Sporting Holdings owns the entities that operate Rajasthan Royals, Paarl Royals and Barbados Royals.
Once completed, the transaction will give the new investor group control of cricket teams competing across three major T20 markets — India, South Africa and the Caribbean.
Paarl Royals compete in SA20, South Africa’s leading domestic T20 competition, while Barbados Royals play in the CPL.
The acquisition would also make the Mittal family one of the major owners in South African franchise cricket.
The transaction was announced earlier this year at an enterprise value of around $1.65 billion (approximately ₹1,58,38.63 crore). It came after an earlier proposed deal involving an alliance led by US investors fell through. That transaction had reportedly valued the franchise group at about $1.63 billion (approximately ₹1,56,217.24 crore).
The CCI’s approval removes a key competition-law hurdle, but the transaction still needs to meet other applicable regulatory requirements and closing conditions.
The deal also required approval from the Board of Control for Cricket in India (BCCI) and the IPL Governing Council.
If completed, the acquisition will mark the Mittal family’s entry into professional cricket and add to the growing participation of Indian business groups in international T20 competitions.
Born in 1950 in Sadulpur, Rajasthan, to Mohan Lal Mittal and Geeta Mittal, Mittal studied commerce at St Xavier’s College, Kolkata. He began in his family’s steel business before striking out on his own in 1976 with the acquisition of a struggling mill in Indonesia.
Over the next four decades, he bought and revived distressed plants in Trinidad, Kazakhstan, Mexico, Germany and France. His biggest achievement came in 2006, when he merged his company with Arcelor to form ArcelorMittal. The deal faced political resistance and boardroom battles, but Mittal persisted. Today, ArcelorMittal remains the world’s largest steelmaker.
