New Delhi, May 3 (IANS) Former Indian Premier League (IPL) chairman Lalit Modi welcomed the acquisition of Rajasthan Royals by the Mittal family in partnership with Adar Poonawalla, saying the league could not have better owners than the two, calling them the "most savvy investors."

Lakshmi N. Mittal and Aditya Mittal on Sunday announced a definitive agreement has been reached to acquire the Rajasthan Royals, in partnership with Adar Poonawalla, from Manoj Badale and consortium.

In addition to the IPL team, Rajasthan Royals also owns Paarl Royals in South Africa and Barbados Royals in the Caribbean. The transaction consideration is approximately USD 1.65 billion and represents the enterprise value of Rajasthan Royals’ men’s franchise, Paarl Royals and Barbados Royals.

"The best news’s one can think off for the @ipl - two of the most savvy investors – the IPL could not have better owners than this. It’s such a day of pride and joy for me personally to see that Lakshmi Mittal and Adar Poonawalla have embraced something I spent my life building. Now I am sure the IPL will always be in the safest of hands,' Modi shared on X.

The Mittal family will own approximately 75 per cent of Rajasthan Royals, with Adar Poonawalla holding approximately 18 per cent. The remaining approximately 7 per cent will be held by approved existing investors, including Manoj Badale.

"I am told that the dynamic #adityamittal will be leading the team on behalf of the Mittal family. Such great news. He has tremendous experience not only in buisness but involved with major EPL and NBA franchises too. This is invaluable to the IPL," he added.

Aditya, the son of Lakshmi N. Mittal, invested USD 1 billion to become a major stakeholder in the NBA's Boston Celtics in 2025. He is a citizen of India and lives in London. He holds a Bachelor’s degree in Economics with concentrations in strategic management and corporate finance from the Wharton School in Pennsylvania, United States.

Aditya is chief executive officer of ArcelorMittal and a member of the Board of Directors. He is a board director of Aperam, and Iconiq Capital and is Chairman of the board of ArcelorMittal Nippon Steel India and is also a member of Harvard University’s Global Advisory Council.

Adar Poonawalla is the Chief Executive Officer (CEO) of the Serum Institute of India (SII), a private family-owned business founded in 1966 by his father Dr. Cyrus Poonawalla.

Adar joined SII in 2001, after graduating from the University of Westminster in London. Adar took over from his father as CEO in 2011, taking complete control of day-to-day operations of the company.

He is the founder of Poonawalla Fincorp, a fast-growing digital non-banking financial company established in 2019 and headquartered in Pune, India.

--IANS

bc/