Jindal South West (JSW) Group has purchased 50 percent stake in Indian Premier League (IPL) franchise Delhi Daredevils (DD) from GMR Group promoters. Delhi Daredevils is owned by GMR Sports, which is under hold of the GMR Group of companies.
The sale is subject to be approved from BCCI & the IPL governing council and also yet to be cleared of other customary conditions that are pre in consideration for such matters.
JSW cement 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.”
GMR corporate chairman Kiran Kumar Gandhi said, “This relationship between GMR and JSW opens up powerful synergy going forward for both the groups. It is symbolic of the immense potential for sports and cricket in particular in the region. After having nurtured the franchise 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.”.
This 50-50 partnership, DD will hope brings them financial stability as the market is highly competitive even if they are the lucky enterprise to be involved with cricket which is the most immensely popular and financially benefiting entity.
