In a landmark move for the Indian Premier League, the Mittal family, led by Lakshmi N. Mittal and Aditya Mittal, has officially reached a definitive agreement to acquire a majority stake in the Rajasthan Royals. This high-profile acquisition, conducted in partnership with Adar Poonawalla, marks a significant shift in the franchise's ownership structure, previously held by Manoj Badale and his consortium. The deal, valued at an enterprise worth approximately US$1.65 billion, includes the men’s IPL team along with its global counterparts, the Paarl Royals in South Africa and the Barbados Royals in the Caribbean.
Under the new arrangement, the Mittal family will hold a commanding 75% ownership stake, while Adar Poonawalla will secure approximately 18%. The remaining 7% will be retained by existing investors, including Manoj Badale, who will remain on the board to provide continuity and institutional knowledge. This transition is expected to conclude in Q3 2026, pending customary approvals from the BCCI and regulatory authorities. For the Mittal family, this isn't just a business investment; it is a homecoming. Lakshmi N. Mittal, born in Rajasthan, expressed a deep personal connection to the region, citing his lifelong passion for cricket and a desire to support the "original" iconic team of the league.
Who is Lakshmi Mittal?
Lakshmi Niwas Mittal is a global industrial titan best known as the Executive Chairman of ArcelorMittal, the world’s leading steel and mining company. Born in Sadulpur, Rajasthan, Mittal’s journey from a small village to the pinnacle of global finance is a quintessential success story. Beyond steel, he is a noted philanthropist and a sports enthusiast who has previously invested in European football. His entry into the IPL via the Rajasthan Royals represents a strategic alignment of his business with his cultural roots, bringing immense financial muscle and global prestige to the franchise.
Who is Aditya Mittal?
Aditya Mittal, the son of Lakshmi Mittal, serves as the CEO of ArcelorMittal. An influential leader in his own right, Aditya has been instrumental in the company’s major strategic decisions, including the historic merger of Arcelor and Mittal Steel. Educated at the Wharton School, Aditya brings a modern, data-driven approach to management. He has expressed a particular interest in the Royals' reputation for developing young talent, a philosophy that aligns with his vision for sustainable growth. As he joins the board of the Rajasthan Royals, his focus will likely remain on enhancing the "Halla Bol" legacy by integrating global sporting best practices with the franchise's grassroots scouting success. Together, the duo represents a powerhouse of industrial leadership poised to take the Royals to new heights.
