Lakshmi Mittal Takes Charge of Rajasthan Royals in Major IPL Shift

In a groundbreaking move, Lakshmi Mittal, the steel tycoon, has acquired the Rajasthan Royals, marking a significant shift in IPL ownership. This deal, valued at approximately $1.65 billion, positions the Mittal family as major stakeholders in the franchise. With a strong business background and a passion for cricket, Mittal's involvement is set to enhance the team's profile. The acquisition also reflects the growing global influence of the IPL. As the Mittal family prepares to take the reins, cricket fans and business analysts alike are eager to see how this new chapter unfolds.

By Narendra Chaudhary May 3, 2026, 17:46 IST

Significant Change in IPL Ownership

A notable shift has occurred in the IPL landscape as Lakshmi Niwas Mittal, a renowned steel magnate and billionaire of Indian origin, has taken over the Rajasthan Royals alongside his family. This official announcement made on Sunday has stirred excitement not only in the sports community but also in business circles.

Details of the Acquisition

The consortium led by Lakshmi Mittal and Adar Poonawalla, CEO of Serum Institute of India, has acquired the Rajasthan Royals for an impressive valuation of approximately $1.65 billion. The Mittal family will hold a 75% majority stake in the franchise, while Poonawalla will possess an 18% share, leaving the remaining 7% for existing investors, including Manoj Badale. This deal encompasses not just the Indian team but also the South African Paarl Royals and the Caribbean's Barbados Royals.

Who is Lakshmi Mittal?

Born in Sadulpur, Rajasthan, Lakshmi Mittal is famously known as the King of Steel. He serves as the Executive Chairman of ArcelorMittal, the world's second-largest steel and mining company, which operates in numerous countries globally. The annual revenue of ArcelorMittal is around $68 billion, and Mittal is also the chairman of stainless steel producer Aperam.

Lakshmi Mittal's Net Worth

According to real-time data from Forbes, Lakshmi Mittal's net worth is approximately $28.4 billion, placing him among the top 10 richest individuals in India. Notably, Mittal has a longstanding connection to sports, holding a stake in the English football club Queens Park Rangers and supporting athletes through the Mittal Champions Trust in India.

A Personal Connection to Rajasthan

Expressing his emotional connection to the acquisition, Lakshmi Mittal stated, "I hail from Rajasthan, and cricket has always been my passion. Therefore, there couldn't be a better team for me than the Rajasthan Royals." His daughter Vanisha Mittal Bhatia and son Aditya Mittal will also join the team's board.

Importance of This Deal

In recent months, there were speculations that American investors Kal Somani and Walmart's Rob Walton might purchase the Rajasthan Royals, but that deal fell through due to funding issues at the last minute. The entry of the Mittal family not only secures the franchise in Indian hands but also reinforces the growing global stature of the IPL. This transaction is expected to be finalized by the third quarter of 2026, pending all formal approvals.