Lakshmi Mittal announced the acquisition of IPL franchise Rajasthan Royals for a huge sum of USD 1.65 billion (approximately Rs 15,600 crore) along with his son Aditya Mittal and Adar Poonawalla. The Mittal family has bought the major stake in the franchise, with 75 per cent of ownership falling to them, while Serum Institute of India's Adar Poonawalla has an 18 per cent stake in the team. The remaining 7 per cent will stay with the approved existing investors, including Manoj Badale.
The deal represents the enterprise value of Rajasthan Royals' men's franchise, Paarl Royals and Barbados Royals. It is subject to customary closing conditions, including approvals from the BCCI, the CCI, the IPL Governing Council and other applicable regulatory authorities. Meanwhile, the deal is likely to close by the third quarter of the current year.
This comes after the Kal Somani–Rob Walton–Sheila Ford Hamp consortium pulled out of the race. The Kal Somani-led consortium had offered a value of USD 1.
63 billion.
Who is Lakshmi Mittal?
Lakshmi Mittal is an Indian-born billionaire who is known as the 'King of Steel'. He is the chairman of ArcelorMittal, the world's largest steel and mining company by output. He is also the executive chair of Aperam, a stainless steel manufacturer. As per Forbes, his current net worth is $28.4B, which is approximately Rs 2.69 trillion INR or 2,69,00,00,00,000 INR.
Born in Sadulpur, Rajasthan, Mittal is now residing in Switzerland after moving on from the United Kingdom in 2025. Mittal was ranked the third-richest person in the world by Forbes in 2005. He was the first Indian citizen to be ranked in the top 10 in the world. He was the sixth-richest man in Forbes 2011 but was dropped to 82nd in 2015.
Start of Mittal's career
Mittal was born in 1950 in India and began his career working in his family’s steel business. In the 1970s, he moved to Indonesia to manage a struggling steel plant, turning it around and laying the foundation for his own ventures. Over the following decades, he expanded aggressively across continents, acquiring underperforming steel mills and making them profitable.
His biggest milestone came in 2006, when his company merged with ArcelorMittal, creating the world’s largest steel producer. As executive chairman, Mittal oversaw operations spanning Europe, the Americas, Asia, and Africa, becoming one of the richest individuals globally. His strategy has typically focused on scale, cost efficiency, and reviving distressed assets.
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