NEW DELHI: GMR Group reportedly agreed a total enterprise valuation of Rs 11 billion in its sale of 50 per cent stake in its cricket franchise Delhi Daredevils (DD) to JSW Sports Private Limited.
The first significant stake sale by an Indian Premier League franchise will see JSW shell out Rs 5.5 billion for the 50 per cent stake, Mumbai Mirror reports.
GMR Sports Private Limited (GSPL) is owned by the promoters of the GMR Group. The sale is subject to approval from BCCI and satisfaction of other customary conditions precedent.
“This relationship between GMR and JSW opens up powerful synergy going forward for both the groups. It is symbolic of immense potential for sports and cricket in particular in the region. After having nurtured the Franchisee for the last 10 years, we believe the time is right for us to take it to newer heights. We believe JSW as a partner will bring significant value to the franchise with their wealth of diverse experience,” GMR Corporate chairman Grandhi Kiran Kumar had last Friday while announcing the stake sale agreement said.
“We are very happy to announce this new partnership with GMR. This is something that we as a group are excited about and the DD team will add to our existing portfolio of sports investments. We look forward to bring our experience and expertise to take the team to new heights,” JSW Sports CEO Parth Jindal had opined.
