New Delhi(India), Mar 9 (ANI): Jindal South West (JSW) Sports on Friday announced that it will acquire fifty percent stake of the Indian Premier League(IPL) team, Delhi Daredevils, with GMR Group holding on to the rest fifty percent.
JSW Sports' valuation of the Daredevils franchise was worth Rs 1100 crore, which is double the amount the franchise was originally bought at in 2008.
The JSW will pay Rs 550 crore for the partnership and the deal will be sealed once it gets an approval from the BCCI and satisfaction of other conditions.
"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 said.
JSW MD Parth Jindal 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."
The Delhi Daredevils will face Kings XI Punjab in their opening game at the Feroz Shah Kotla on April 8. (ANI)