Mittal Family Acquires 75% Stake in Rajasthan Royals

Renowned industrialist Lakshmi N Mittal and his son Aditya Mittal, along with Adar Poonawalla, have acquired a majority stake in Rajasthan Royals through a bid of approximately $1.65 billion (around ₹15,600 crore).

The deal was finalized after the exit of the Somani–Rob Walton–Sheila Ford Hamp consortium from the bidding process. The valuation covers the enterprise value of the franchise, including Rajasthan Royals' men's team and associated ventures such as Paarl Royals and Barbados Royals.

The transaction is subject to approvals from the BCCI, Competition Commission of India (CCI), IPL Governing Council, and other regulatory authorities. It is expected to be completed in the third quarter of 2026.

Earlier, the Somani-led US group had offered $1.63 billion, but it reportedly failed due diligence requirements due to several issues.

In an official statement, the Mittal family announced that Lakshmi N Mittal, Aditya Mittal, and Adar Poonawalla have reached a definitive agreement to acquire Rajasthan Royals from Manoj Badale and his group.