Indian steel tycoon Lakshmi Narayan Mittal and his son Aditya Mittal have reached a definitive agreement to acquire Indian Premier League franchise Rajasthan Royals in partnership with Adar Poonawalla, according to multiple reports.

The deal, valued at approximately $1.65 billion, covers not only the IPL team but also its associated franchises — Paarl Royals in South Africa and Barbados Royals in the Caribbean.

Under the agreement, the Mittal family will hold around 75% ownership, while Poonawalla will own about 18%. The remaining 7% stake will stay with existing investors, including current lead owner Manoj Badale, who is expected to continue in an advisory role.

The acquisition follows the collapse of a previous bid by a separate consortium and represents one of the biggest investments in IPL history.

However, the transaction is not yet complete and remains subject to regulatory approvals from the Board of Control for Cricket in India, the Competition Commission of India, and the IPL Governing Council. The deal is expected to be finalised in the third quarter of 2026.