Key Takeaways
May 3, 2026 · 2 min read · By Rishabh Bhardwaj
·
AI-assisted, human-reviewed · Our editorial standards
The Mittal family, led by steel billionaire Lakshmi N. Mittal, has acquired a 75% stake in Indian Premier League franchise Rajasthan Royals for approximately ₹15,600 crore. The deal marks one of the largest ownership transfers in IPL history and ends months of speculation over who would take a controlling position in the team.
The transaction displaces an earlier agreement involving the Somani family, which has now fallen through. Details on why that deal collapsed were not disclosed, but the outcome confirms the Mittals as the new dominant shareholders in the franchise.
The restructured board will include Lakshmi N. Mittal, his son Aditya Mittal, and daughter Vanisha Mittal-Bhatia, giving the family clear majority representation at the top. Vaccine maker Adar Poonawalla and existing stakeholder Manoj Badale also join the board, preserving some continuity with prior management. Badale has been closely associated with the franchise since its revival after the 2015 two-year ban imposed by the Supreme Court-appointed probe.
At ₹15,600 crore for a 75% stake, the implied total valuation of the franchise comes to roughly ₹20,800 crore, or close to $2.5 billion. That puts Rajasthan Royals among the most valuable sports franchises in Asia and signals how dramatically IPL team valuations have climbed over the past decade.
The Mittal family brings significant global capital and business networks. ArcelorMittal, the group's flagship steel company, operates across dozens of countries, which could open new commercial and sponsorship pathways for the franchise. Adar Poonawalla's presence on the board adds another high-profile Indian business name and could strengthen the team's brand domestically.
For the broader IPL, this deal reinforces the league's standing as a premium asset class. Franchise prices have risen steeply since the league's founding in 2008, and transactions of this scale tend to anchor market expectations for future ownership deals across other teams.
The immediate question is operational: how the new board integrates leadership, whether existing team management stays in place, and how the franchise deploys fresh capital heading into upcoming auction and season cycles. Those details have not yet been made public.
HDFC Bank's board has approved Rajiv Kumar, former Chief Election Commissioner and financial services secretary, as its Part-time Non-Executive Chairman from June 30, 2026. His chairmanship still requires RBI approval, but the move ends the bank's prolonged search for a permanent board leader.
Indian startups raised $1.1 billion across 16 deals in the week of June 21-26, 2026, up 2.5 times from the prior week, with CRED's $900 million Series H led by Meta accounting for most of the total. Square Yards became India's 131st unicorn after closing a $95 million round.
Jet fuel costs dropped sharply after a US-Iran interim peace deal, but airlines are expected to use the savings to rebuild margins rather than cut fares. Tight capacity, aircraft delivery delays, and weak budget carriers give major carriers unusual pricing power heading into the second half of 2026.
Meta is investing $900 million in CRED at a $4.5 billion valuation, the largest Indian startup round of 2026, as founder Kunal Shah moves to a global leadership role at WhatsApp. Miten Sampat takes over as interim CEO, and a major employee stock buyback is expected within weeks.