In the midst of a raging controversy over financing of IPL, Mumbai Indians, one of the eight franchises, has filed its equity holding pattern with the League.
According to the filing made public on Tuesday, 98.3 per cent of the equity of Mumbai Indians’ franchisee, IndiaWin Sports Pvt Ltd, is held by Reliance Industrial Investments and Holdings Ltd (RIIHL) and the remaining 1.7 per cent is held by Teesta Retail Pvt Ltd.
RIIHL is a 100 per cent subsidiary of Reliance Industries and Teesta is a part of RIIHL. The equity of RIIHL has increased because they have converted the loan given to Teesta into equity, company sources said.
The filing however, does not elaborate on the quantum of the loan that was converted into equity. The statement comes in the wake of demands that the team owners should come clean on their holding patterns in the League.
A spokesperson of IndiaWin Sports Pvt Ltd said in a statement that “since inception, it is a well-known fact that the Mumbai Indians is owned by IndiaWin Sports Pvt Ltd.
“Reliance Industries, through its investment companies has invested in the entire equity of IndiaWin Sports Pvt Ltd. Over the last three years, there have been changes in the holding by investment companies.
“However, there is no change in the original position — that is Reliance Industrial Investments and Holdings Ltd, the 100 per cent subsidiary of Reliance Industries effectively owns 100 per cent economic interest in IndiaWin Sports Pvt Ltd.”