Manoj Jain of Jain Group of Industries is in talks with owners of Rajasthan Royal to purchase 88.3% stake in the franchise.
Tresco International (Suresh Chellaram and family), owns 44.2% stake, Emerging Media (Manoj Badale), owns 32.4%, Blue Water Estate Ltd (Lachlan Murdoch), the eldest son of Rupert Murdoch, which owns 11.7% might be selling out their stake. Shilpa Shetty, who owns an 11.7% stake in the franchise with Raj Kundra, will retain her share.
The Rajasthan Royals franchise was bought for $67 million in the auction in 2008. In 2009 Raj Kundra and Shilpa Shetty bought 11.7 % share in the franchise for 15.4 million, thus valuing the franchise at 132 million, double the original valuation in only one year. It is being reported that the present deal will value Rajasthan Royals at 226.5 million, an increase in value by more than 300%.
The owners are awaiting the necessary approvals from Board of Control for Cricket in India (BCCI). It is believed that BCCI may be reluctant to give the consent to the deal as it fears that the ousted chairman of IPL, Lalit Modi may be benefit from the deal.
Jain group of industries has business interests in nfrastructure, steel, power and real estate and the company reported a post tax profit of 694.26 million in 2009-10.