CCI Approves $1.65 Billion Mittal-Poonawalla Acquisition of Rajasthan Royals

The Competition Commission of India has formally approved the acquisition of the Rajasthan Royals cricket franchise and its two international subsidiaries by a consortium led by the Lakshmi Mittal family and Adar Poonawalla. Valued at approximately USD 1.65 billion, the transaction grants the new investor group control over the Indian Premier League team alongside the Paarl Royals in South Africa and the Barbados Royals in the Caribbean.

Under the approved ownership framework, Westview Cricket Limited, an investment vehicle for the Lakshmi Mittal family, will hold a 75% stake in the franchise group. Poonawalla Sports and Fitness Private Limited, wholly owned by Adar Cyrus Poonawalla, will acquire an 18% interest. Existing investors, including lead owner Manoj Badale, are set to retain a 7% stake in the entity.

The transaction marks a substantial valuation increase from the franchise's original acquisition price of USD 67 million in 2008 by Emerging Media. The ownership transfer involves shares from Mauritius-based EM Sporting Holdings Limited, with transaction completion targeted for the third quarter of 2026 pending final approvals from the Board of Control for Cricket in India.

Following the competition filing submitted on July 30, the antitrust regulator issued a Request for Information in August to examine the proposed combination. The acquiring entities maintained that their business interests presented no overlap with the target franchises in any relevant Indian market, asserting that the deal would create no adverse effect on competition.

The regulator cleared the combination under Section 31 of the Competition Act. The transaction follows a failed purchase attempt earlier in the year by a consortium led by US entrepreneur Kal Somani and represents the culmination of a sale process advised by the Raine Group.