Lakshmi Mittal Enters IPL: Billionaire’s Rajasthan Royals Deal Marks Major Shift
Lakshmi Mittal Enters IPL: Billionaire’s Rajasthan Royals Deal Marks Major Shift
From global steel empire to cricket franchise ownership, Mittal’s journey comes full circle with Rajasthan link
Indian-origin steel billionaire Lakshmi Mittal is back in focus after the Mittal family partnered with businessman Adar Poonawalla to acquire IPL franchise Rajasthan Royals in a deal valued at around ₹15,660 crore. The move signals a major shift in the IPL ownership landscape and brings one of the world’s most powerful industrialists into cricket’s biggest league.
As part of the agreement, the Mittal family is expected to hold a 75% stake in the franchise, while Adar Poonawalla will own about 18%. The remaining stake will stay with existing investors, with long-time promoter Manoj Badale continuing on the board. The deal is subject to approvals from the BCCI, the Competition Commission of India, and the IPL Governing Council, and is expected to close later in 2026.
For Mittal, the acquisition carries a strong personal connection. Born in Sadulpur in Rajasthan, he described the move as a “homecoming”, saying, “I love cricket and my family is from Rajasthan, so there is no IPL team that I would rather be part of than the Rajasthan Royals… I cannot wait to join all the fans pitch-side to cheer on our future success.”
Mittal’s rise to global prominence is one of India’s most remarkable business stories. Starting from a modest background, he built a steel empire by acquiring and reviving struggling plants across countries. His strategy of turning around distressed assets eventually led to the creation of ArcelorMittal in 2006, now the world’s largest steel producer.
Over the decades, Mittal expanded operations across Europe, the Americas, and Asia, reshaping the global steel industry. Today, his company operates in more than 60 countries and is increasingly focusing on green steel and low-carbon technologies.
With an estimated net worth of nearly $30 billion, Mittal remains one of the richest industrialists of Indian origin. Beyond business, he is also known for his high-profile lifestyle, including luxury real estate in London and private aviation.
The Rajasthan Royals deal marks his entry into the sports business at a time when IPL franchises are becoming high-value global assets. It also reflects a broader trend of industrialists and global investors increasing their presence in cricket.
As the deal moves towards completion, Mittal’s entry is expected to bring financial muscle and global business experience to the franchise, potentially reshaping its future both on and off the field.
