DD (Delhi Daredevils), the cricket franchisee of the GMR Group, is set for a ownership metamorphosis.
This follows an agreement between the GMR group and JSW Sports.
The franchisee is now owned by GMR Sports Private Limited (GSPL).
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Following a partnership pact, JSW Sports will pick up 50% stake in GMR Sports, which is owned by the promoters of the GMR group.
The sale, however, is subject to approval from the Board of Control for Cricket in India (BCCI).
It will also be subject to the satisfaction of other customary conditions precedent, said a release.
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The release, however, did not mention about deal price.
“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 in a release.
“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 release quoted Parth Jindal as saying.