CSK separated from India Cements following corporate acquisition by UltraTech Cement

N. Srinivasan, Chennai Super Kings, India Cements. (Source – Twitter/X)

Chennai Super Kings has been the most successful franchise in the Indian Premier League. The brand name Super Kings, though, has gone beyond the Indian borders, as the owners have also implied their teams across global cricket leagues like MLC (Texas Super Kings), SA20 (Joburg Super Kings). The franchise and the brand was owned and operated by India Cements Ltd., its original parent company until recently, the franchise has started independently operating.

The news broke out particularly after a corporate move, following the acquisition of India Cements by cement giant UltraTech Cement, with its stake now proposed to reach 55 per cent in the former once the deal is completed.

An official statement from UltraTech on stock exchanges on Sunday, July 28, read, “Post this financial investment, the promoter group approached us as they wanted to sell their holding in the company, and we found it appropriate to acquire their stake in the company.”

The acquisition has also confirmed that the Super Kings franchise, will now run as a separate legal entity under Chennai Super Kings Cricket Limited (CSKCL). The same was confirmed by franchise CEO Kasi Viswanathan, who gave an official word on the matter on the sidelines of the Major League Cricket 2024, where Texas Super Kings lost the Challenger against San Francisco Unicorns.

Also Read: IPL giants CSK launches Super Kings Academy in Sydney

“Chennai Super Kings and India Cements are different entities. India Cements no longer controls the CSK team. The team is run by a company called Chennai Super Kings Cricket Limited (CSKCL),” Viswanathan was quoted as saying by Cricbuzz.

Adani Group frontrunner to buyout CVC Capital Partners’ Gujarat Titans

Another successful IPL franchise, Gujarat Titans, which qualified for both the finales in its first couple of years of existence, is now looking for a buyer in the open market. Notably, the franchise is currently owned by CVC Capital Partners, which they acquired for INR 5625 crore, beating the amount by top bidders Adani Group (INR 5100 crore) and Torrent Group (INR 4653 crore).

Meanwhile, both the bidders who failed to acquire the franchise rights back in 2021, are now the frontrunners to acquire the rights of the franchise.

Read More: IPL: Adani and Torrent in race to acquire Gujarat Titans from CVC

“Having missed out on securing the Ahmedabad franchise during the 2021 IPL expansion, both Adani and Torrent are now competing fervently to acquire a majority stake in the Gujarat Titans,” a source was saying according to the report by The Economic Times.