The Competition Commission of India (CCI) has granted approval for the acquisition of 100% shareholding in Royal Challengers Sports Private Limited by a consortium of multiple entities. The acquisition involves collective purchase by Big Banyan Holdings Pte. Ltd. (part of Aditya Birla group), Bolt IPL Holdings LLC (Delaware-based), Times Internet Limited (digital products company), Times Cricket LLP, ICQ Opportunities RC Holdco, Ltd. (part of ICONIQ group), and Asia Investment Topco II Pte. Ltd. (controlled by Blackstone Inc. affiliates), along with other investors who have funding arrangements with certain acquirers for this transaction.
Royal Challengers Sports Private Limited is an Indian company that exclusively owns and operates the Royal Challengers Bengaluru franchise, including the Bengaluru-based professional cricket teams that participate in both the Indian Premier League (IPL) and the Women's Premier League (WPL). The target company has no business activities outside India.
Most of the acquiring entities are newly incorporated companies without current business activities. Big Banyan is an investment holding company with no current operations, Bolt intends to undertake sports franchise ownership and management activities, Times LLP plans to engage in sports franchise operations, ICQ is a newly incorporated entity with no business activities, and Topco has not engaged in any business activities since incorporation. Times Internet Limited maintains an existing diversified digital business presence in India including digital news, advertising services, rewards programs, and event management.
The CCI noted that a detailed order regarding this combination approval will be released separately.