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CCI approves acquisition of equity of Royal Challengers by a consortium

Published: Jul 02, 2026

By TIOLCorplaws News Service

NEW DELHI, JULY 02, 2026: THE Competition Commission of India (CCI) has approved the acquisition of 100% shareholding of Royal Challengers Sports Private Ltd. by a consortium comprising Big Banyan Holdings, Bolt IPL Holdings, Times Internet, Times Cricket, ICQ Opportunities, Asia Investment Topco II and others.

The proposed combination relates to acquisition of 100% shareholding collectively by (i) Big Banyan Holdings Pte. Ltd. (Big Banyan); (ii) Bolt IPL Holdings LLC (Bolt); (iii) Times Internet Limited (TIL); (iv) Times Cricket LLP (Times LLP); (v) ICQ Opportunities RC Holdco, Ltd. (ICQ); (vi) Asia Investment Topco II Pte. Ltd. (Topco) (collectively the 'Acquirers') in Royal Challengers Sports Private Limited (RCB / Target) and other investors with whom certain Acquirers have entered into funding arrangements for the purposes of this acquisition.

Big Banyan, a newly incorporated investment holding company, is a part of Aditya Birla group and does not currently have any business activities.

Bolt is a limited liability company, newly incorporated in Delaware and does not currently have any business activities. It intends to undertake a broad range of activities relating to sports franchise ownership, management, and commercialisation.

TIL is a digital products company with a diversified business presence in India including in digital news, advertising services, rewards programs, event management, etc.

Times LLP is a newly incorporated entity in India and does not currently have any business activities. It intends to undertake a broad range of activities relating to sports franchise ownership, management, and commercialisation.

ICQ, a part of the ICONIQ group, a global investment firm, is a newly incorporated entity and does not currently have any business activities.

Topco is not engaged in providing any products / services and / or performing the business of investment holding in India or worldwide since its incorporation. Topco is controlled by funds advised and/or managed by affiliates of Blackstone Inc.

The Target is an Indian company primarily engaged in the ownership and operation of the Royal Challengers Bengaluru franchise including the Bengaluru-based professional cricket teams participating in the Indian Premier League and the Women's Premier League. The Target does not have any business activities outside India.

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