Mittal family enters race to buy Rajasthan Royals; binding bids submitted

In a significant development in the ongoing sale of IPL franchise Rajasthan Royals, the promoter family of global steel giant Arcelor Mittal is evaluating a potential buyout of the team. The family, led by CEO Aditya Mittal, could emerge as a key contender alongside the Aditya Birla Group–David Blitzer consortium and other joint bidders, multiple industry sources told Moneycontrol.
Aditya Mittal’s father, steel tycoon Lakshmi Mittal, serves as the Executive Chairman of Arcelor Mittal.

“After picking up a stake in NBA team Boston Celtics as part of a consortium, the Mittal family is keen on bolstering its sports portfolio with a prized India asset and feels this was a good opportunity. They are bullish on this space as a group,” reported by MoneyControl.

As per the industry insiders, post due diligence, the deadline for submission of binding bids for Rajasthan Royals lapsed by the early hours of March 17. At least 4 parties have submitted proposals. If the plans move forward, it remains unclear what investment vehicle the Mittal family will use and whether they intend to bring in a partner or pursue the transaction independently.