The family of steel billionaire Lakshmi N. Mittal in partnership with Adar Poonawalla is set to acquire a controlling stake in IPL franchise Rajasthan Royals. The transaction consideration of about $1.65 billion represents the enterprise value of Rajasthan Royals’ men’s franchise, Paarl Royals in South Africa and Barbados Royals in the Caribbean.

“Lakshmi N. Mittal and Aditya Mittal today announced that a definitive agreement has been reached to acquire the Rajasthan Royals, in partnership with Adar Poonawalla, from Manoj Badale and consortium,” an official statement said.

As part of the deal, the Mittal family will own approximately 75 per cent of Rajasthan Royals, with Adar Poonawalla will own about 18 per cent. The remaining about 7 per cent stake will be held by “approved” existing investors, including Manoj Badale, it added.

“Completion of the transaction is subject to customary closing conditions, including approvals from the BCCI, the CCI, the IPL Governing Council and other applicable regulatory authorities, and is expected to occur in Q3 2026,” the statement added.

Post the completion of the deal, Lakshmi N. Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla and Manoj Badale will join the board of the Rajasthan Royals.

“I love cricket and my family is from Rajasthan, so there is no IPL team that I would rather be part of than the Rajasthan Royals. I first played cricket as a schoolboy, and since then I have been an avid fan of the sport. Many great players have worn the Rajasthan Royals shirt, including Indian icons of the sport who have been an inspiration for the younger talent. I look forward to being part of this great team, and cannot wait to join all the fans at the pitch-side to cheer on our future success,” Lakshmi Mittal, Executive Chairman, ArcelorMittal said in a statement.

Adar Poonawalla, CEO, Serum Institute, stated, “Rajasthan Royals is a premier IPL franchise with a strong legacy, and I look forward to supporting its continued growth and long-term success.”

Meanwhile, Manoj Badale, who is currently the Lead Owner of the Franchise said, ”We are delighted to welcome the Mittal family and Adar Poonawalla as the new owners of the Rajasthan Royals. Their passion for cricket, their connection to Rajasthan and India, and their long-term ambition for the franchise make them ideal custodians of the next chapter.”

Earlier, the Kal Somani-led consortium, which included global investors such as Rob Walton and Sheila Ford Hamp was said to have won the bid to acquire the IPL franchise but it reportedly did not go through due to funding and regulatory complexities. 

Published on May 3, 2026