Blackstone joins hands with Aditya Birla Group, Times Group to buy IPL cricket team RCB for Rs.16,60

Private Equity firm Blackstone (via its unit BXPE) has joined a consortium comprising Aditya Birla Group, the Times of India Group and Bolt Ventures, to acquire Royal Challengers Bengaluru (RCB) from publicly listed United Spirits Ltd (USL). The acquisition, valued at INR 16,660 crore (approximately USD 1.78 Billion), includes both the men’s Indian Premier League franchise and the Women’s Premier League franchise.Under the new ownership structure, Aryaman Vikram Birla, director at Aditya Birla Group, will serve as chairman, while Satyan Gajwani of the Times of India Group will serve as vice chairman of the franchise.