MUMBAI: Jindal South West (JSW) Group has acquired 50 per cent stake in Indian Premier League (IPL) franchise Delhi Daredevils (DD) from GMR Group promoters. DD is owned by GMR Sports, which is under ambit of the GMR Group.
JSW Sports will hold 50 per cent stake in GMR Sports. The sale is subject to approval from BCCI and satisfaction of other customary conditions precedent.
JSW cement MD Parth Jindal said, “We are very happy to announce this new partnership with GMR. This is something that we, as a group, are excited about and the DD team will add to our existing portfolio of sports investments. We look forward to bring our experience and expertise to take the team to new heights.”
GMR corporate chairman Kiran Kumar Gandhi said, “This relationship between GMR and JSW opens up powerful synergy going forward for both the groups. It is symbolic of the immense potential for sports and cricket in particular in the region. After having nurtured the franchise for the last 10 years, we believe the time is right for us to take it to newer heights. We believe JSW as a partner will bring significant value to the franchise with their wealth of diverse experience.”
This is the second major deal in the history of IPL in which an existing franchise has offloaded stake. In 2009, Raj Kundra and Shilpa Shetty had picked up 11.7 per cent stake in IPL franchise Rajasthan Royals for $16.3 million. Kundra has since exited the IPL franchise after being banned for life from IPL for indulging in betting.