CHENNAI: Ahead of the 15th edition of the Indian Premier League, India Cements-owned IPL franchise Chennai Super Kings has laid claim to becoming the country’s first sports unicorn with its market cap having touched a high of Rs 7,600 crores and its share in the grey market reportedly trading in the Rs 210-225 price band.
Chennai Super Kings Cricket Ltd now has a market cap more than its parent entity, India Cements, IANS reports. On Friday, India Cements’ market cap stood at Rs 6,869 crores.
The key reason which has led CSK’s market cap to go past its parent entity are the two new franchises being added to the upcoming season at record prices.
The Sanjiv Goenka-led RPSG Group bought the Lucknow franchise (Lucknow Super Giants) for Rs 7,090 crore, while CVC Capital acquired the rights for the Ahmedabad franchise for Rs 5,625 crore.
N Srinivasan, managing director of India Cements and former president of the Board of Control for Cricket in India (BCCI) was quoted as saying on Friday: “Brand CSK will outgrow Brand India Cements. If you look at the history of franchise-based leagues in the US, it will outgrow everything. Passion for cricket is so much in India. The road between countries will see franchise-based leagues getting precedence as we go along.”
