Videocon eyes stakes in Kings XI Punjab

Videocon Industries owner Venugopal Dhoot on Thursday said that he is interested in buying stakes in the Kings XI Punjab franchise, which will be reportedly put on sale after the end of the ongoing third edition of the cash-rich Twenty20 tournament.

Venugopal Dhoot, whose company was earlier in the race for the Pune IPL team said, “We are interested in the Kings XI Punjab team. We are thinking to buy stakes or the full team itself. However, talks are still on for the same as the price is being negotiated.

If it is a profitable business, then we would definitely enter into the business. Talks are on and the deal will be sealed once the terms of conditions are agreed upon by both the parties.”

Owners of Kings XI Punjab are planning to exit together and are looking for a consortium which can buy their stakes. It has also been reported that KXIP has been valued at Rs 1000 crore.

It was earlier reported that the Venugopal Dhoot-led Videocon Industries has floated a Special Purpose Vehicle (SPV) to pick stake in the Kings XI team. Pune-based builder Atul Chordia is also reportedly part of the SPV. Dhoot and Chordia along with actors Saif Ali Khan and Kareena Kapoor had formed a consortium to bid for the Pune franchise at the IPL 4 auction but were unsuccessful.

Co-promoters Bollywood actress Preity Zinta, Bombay Dyeing’s Ness Wadia, Dabur’s Mohit Burman and Apeejay Surendra Group’s Karan Paul are planning to exit together, thereby also putting an end to speculation that one or two of the owners could buy out the stake of the others.

Back in 2008, the Kings XI team had bid $76 million to win franchise rights over the Punjab team for a 10-year period.

Leave a Reply

Your email address will not be published. Required fields are marked *