16 Apr 2026
Deal: Trilegal is advising the Lakshmi Mittal family in USD 1.65 billion acquisition of the Rajasthan Royals IPL franchise
04 May 2026
04 May 2026
Trilegal is advising the Lakshmi Mittal family in relation to the Mittal–Poonawalla consortium’s proposed acquisition of the Rajasthan Royals IPL franchise, in a transaction valued at approximately USD 1.65 billion.
The proposed transaction involves the acquisition of Rajasthan Royals, along with its overseas franchises—Paarl Royals (South Africa) and Barbados Royals (St. Lucia)—by the Lakshmi Mittal family and Adar Poonawalla from a consortium led by Manoj Badale.
The Mittal family is the lead member of the consortium and will acquire ~75% stake in the franchise, with Adar Poonawalla holding around 18%. The remaining 7% is expected to be held by certain existing investors, including Manoj Badale.
The transaction is subject to receipt of customary regulatory approvals, including approvals from the Board of Control for Cricket in India (BCCI) and the Competition Commission of India (CCI).
Trilegal’s role involved: (a) advising on structuring the transaction along with Indian legal and regulatory aspects; (b) assisting the Lakshmi Mittal family with reviewing and finalising the transaction documents; (c) conducting legal due diligence on Rajasthan Royals and coordinating with foreign counsels for local legal due diligence in Mauritius, South Africa and St. Lucia.
The transaction is expected to be amongst the highest-valued acquisitions of an Indian Premier League franchise.
The Trilegal Deal team advising on the matter is led by Partners: Nishant Parikh, Arnav Dayal and Mitali Halbe; and supported by Counsel: Niharika Choudhary and Archit Gupta; Senior Associates: Averal Sibal and Soham Munshi; and Associates: Akshaya Kapoor, Akshat Kabra and Aryan Grover
The Trilegal Direct Tax Team advising on the matter is led by Partner: Komal Dani; and supported by Senior Associate: Ketki Redkar; and Associate: Shyam Mangukiya
The Trilegal Indirect Tax Team advising on the matter is led by Partner: Himanshu Sinha; and supported by Counsel: Samyak Jain and Senior Associate: Ishabh Verma
The Trilegal Intellectual Property Team advising on the matter is led by Partner: Kirti Balasubramanian; and supported by Associate: Rhythm Vijayvargiya
The Trilegal Disputes Resolution Team advising on the matter is led by Partner: Mohit Rohatgi; and supported by Senior Associates: Samriddhi Shukla and Anuj Aggarwal
The Trilegal White-Collar Crime Team advising on the matter is led by Partner: Kunal Gupta and Shreya Kundu; and supported by Counsel: Shrishma Dandekar; Senior Manager: Juhi Bahl; Senior Consultant: Chandan Dhand; and Senior Associate: Gauri Shukla
The Trilegal Competition Team advising on the matter is led by Partner: Aparna Mehra; and supported by Counsel: Krithika Ramesh; Senior Associates: Ishaan Chakrabarti and Sarthak Mishra
The Technology, Media, and Telecommunications Team advising on the matter is led by Partner: Jishnu Sanyal; and supported by Senior Associate: Janak Pradhan; and Associate: Bevan Avil Pinto
The Labour and Employment Team advising on the matter is led by Partner: Parvathy Tharamel; and supported by Associates: Koshy Mathen and Shreya Sharma.
About Trilegal
Trilegal is a leading full-service law firm in India with over 25 years of experience, trusted for its in-depth expertise and client-centric approach. The firm advises a diverse set of clients, including Fortune 500 companies, global investment funds, major Indian conglomerates, domestic and international banks, technology and media giants, family offices, and high-net-worth individuals. With 157 partners operating under a distinctive lockstep model, Trilegal is the largest equity partnership in the country. The firm retains over 1,300 professionals across its Mumbai, Delhi, Gurugram, Bengaluru, Chennai, Pune, and GIFT City offices.
Trilegal has consistently been recognised among India’s top-tier firms in leading legal directories such as Chambers & Partners (Asia Pacific and Global), Legal 500 Asia Pacific, and Benchmark Litigation. It has also earned several prestigious accolades, including being named Best Overall Law Firm by India Business Law Journal (IBLJ) 2025, Innovative Lawyers in Disputes & Crisis Management by the Financial Times (FT) Innovative Lawyers Asia-Pacific Awards in 2025, M&A Firm of the Year by IFLR Asia-Pacific in 2024, Law Firm of the Year by Deal Volume at the VCCircle Awards in 2024.
For more information, please get in touch with Prakruti Jani | Mob: +91-9867868976 | BD@trilegal.com.
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