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last mo.

RCB Sale Narrows to Two Bidders as EQT and Pai–KKR–Temasek Advance, RR Attracts Multiple Bids

Final selection is expected within Diageo’s March 31 window, with any change in control requiring BCCI approval later in the year.

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Overview

  • Royal Challengers Bengaluru received two binding offers, from EQT and a consortium led by Ranjan Pai with KKR and Temasek, after the March 16 bid deadline.
  • Reports place EQT’s binding bid around $2.0–$2.1 billion, aligning with United Spirits’ target price near $2 billion for the RCB asset.
  • Avram Glazer’s Lancer Capital and Serum Institute’s Adar Poonawalla did not submit binding bids, narrowing the race for the franchise.
  • Diageo has set March 31 to enter exclusivity and finalise terms, though formal transfer will proceed only after BCCI sign‑off expected around its AGM.
  • Rajasthan Royals drew multiple binding bids, with a consortium of Aditya Birla Group and David Blitzer viewed by reports as a frontrunner at a valuation of roughly $1.1–$1.35 billion.