Steel magnate Lakshmi Mittal and vaccine billionaire Adar Poonawalla have teamed up to acquire the Rajasthan Royals cricket team in a deal valued at $1.65 billion. The transaction is expected to close in the third quarter of 2026.
Under the agreement, the Mittal family will purchase a 75% majority stake, while Poonawalla will take an 18% share. The remaining 7% will be held by existing investors led by British-Indian entrepreneur Manoj Badale. The acquisition also includes the franchise’s international teams, the Paarl Royals in South Africa and the Barbados Royals in the Caribbean.
Mittal, the executive chairman of ArcelorMittal, stated that his family’s roots in Rajasthan made this specific team his top choice for an IPL investment. Adar Poonawalla, who leads the Serum Institute of India, noted the team’s strong legacy and long-term potential.
This deal follows a trend of massive investments in the Indian Premier League. Earlier this year, Royal Challengers Bengaluru was sold for $1.8 billion to a group involving Kumar Mangalam Birla and Blackstone. With this purchase, Mittal and Poonawalla join other high-profile owners like Mukesh Ambani in the world’s most lucrative cricket league.