On 1 July 2026, the Competition Commission of India (CCI) announced that it had approved the acquisition of 100% shareholding of Royal Challengers Sports Pvt. Ltd. by a consortium comprising:
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Big Banyan Holdings Pte. Ltd.
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Bolt IPL Holdings LLC
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Times Internet Limited
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Times Cricket LLP
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ICQ Opportunities RC Holdco, Ltd.
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Asia Investment Topco II Pte. Ltd.
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Other investors with whom certain acquirers have entered into funding arrangements for the purposes of the acquisition.
The CCI provided the following details regarding the acquirers’ corporate status, group affiliation, existing business activities and, where applicable, their proposed business activities relating to sports franchise ownership, management and commercialisation:
Big Banyan Holdings Pte. Ltd., a part of the Aditya Birla Group, is a newly incorporated investment holding company and does not currently have any business activities.
Bolt IPL Holdings LLC is a newly incorporated limited liability company that intends to undertake a broad range of activities relating to sports franchise ownership, management and commercialisation.
Times Internet Limited is a digital products company with a diversified business presence in India, including digital news, advertising services, rewards programmes and event management.
Times Cricket LLP is a newly incorporated entity in India and does not currently have any business activities, but intends to undertake a broad range of activities relating to sports franchise ownership, management and commercialisation.
ICQ Opportunities RC Holdco, Ltd., a part of the ICONIQ group, is a newly incorporated entity and does not currently have any business activities.
Asia Investment Topco II Pte. Ltd. is controlled by funds advised and/or managed by affiliates of Blackstone Inc. and, since its incorporation, has not engaged in providing any products or services or carrying on the business of investment holding in India or worldwide.
Royal Challengers Sports Private Limited is an Indian company primarily engaged in the ownership and operation of the Royal Challengers Bengaluru franchise, including the Bengaluru-based professional cricket teams participating in the Indian Premier League and the Women’s Premier League, with no business activities outside India.
The CCI stated that a detailed order of the Commission will follow.
