Rajasthan Royals Ownership Shift: Mittal and Poonawalla Triumph

A consortium led by Kal Somani expressed disappointment after losing the bidding for Rajasthan Royals to a group steered by Lakshmi Mittal and Adar Poonawalla. Despite offering $1.63 billion, the Somani consortium claims the process was unfair and lacked transparency, leading to their surprising defeat in the bid.

A consortium led by US-based entrepreneur Kal Somani has expressed disappointment after losing the Rajasthan Royals ownership bid to the group headed by industrialist Lakshmi N Mittal and vaccine manufacturer Adar Poonawalla.

Despite offering $1.63 billion, Somani's group claims the process was skewed and did not reflect a level playing field.

Mittal's group, acquiring the majority stake for USD 1.65 billion, will see the Mittal family owning 75% and Poonawalla holding 18% of Rajasthan Royals.