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GMR Group and JSW Sports have entered into an agreement for a 50:50 partnership in GMR Group’s IPL franchisee Delhi Daredevil.
Delhi Daredevils is owned by GMR Sports Private Ltd, an arm of GMR Group.
On consummation of the transaction, JSW Sports Pvt Ltd will hold 50 per cent stake in GSPL.
The sale is subject to approval from the BCCI and satisfaction of other customary conditions precedent.
“This relationship between GMR and JSW opens up powerful synergy 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,” said GMR Corporate Chairman Grandhi Kiran Kumar.
“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” said Parth Jindal of JSW.
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