<p>Bengaluru: Two days after a group led by industrialist Lakshmi N Mittal struck a definitive deal to acquire the controlling stake of the Rajasthan Royals, Kal Somani–led consortium denied that it pulled out of the bidding process, asserting that the final outcome does not reflect a “level playing field”.</p><p>Somani-led group had made an offer of $1.63 billion and the agreement was assumed to be a done deal in March.</p><p>However, reports appeared last week that Mittals, along with strategic partners, had emerged as front runners to take over the Royals and two days later the same confirmed by the new owners.</p>.Mittal family buys 75% stake in Rajasthan Royals for over Rs 15k crore.<p>The franchise had stated that the consortium comprising Somani (Tech Entrepreneur), Rob Walton (Walmart Group) and Sheila Ford Hamp (Ford group) had pulled out of the race after which Lakshmi Mittal and his son Aditya, along with Serum Institute of India CEO Adar Poonawalla, bought a majority stake in Rajasthan Royals for $1.65 billion (Rs 15,600 crore approximately).</p><p>"We are deeply disappointed not to be part of the Rajasthan Royals ownership group, following a long six-month process in which we were the lead bid from start to finish," the consortium stated in a press release on Tuesday.</p>.<p>"Contrary to stories that have been planted in the press, our group was and has always been fully funded, prepared to close with certainty, and never withdrew our bid."</p>.<p>The group added that it had the documentation in place and was told that the franchise's board meeting on April 2 was held to approve its bid.</p>.<p class="bodytext">"In the end this was never the case. We approached this process with the highest standards of honesty, integrity, professionalism and in good faith, but unfortunately that wasn't enough.</p>.<p class="bodytext">"We do not believe the outcome ultimately reflected a level playing field, and it is difficult to reconcile the strength of our bid and preparedness to close with the final decision," it said.</p>.<p class="bodytext">According to a release from the Mittals, the family would own approximately 75% of Royals with Poonawalla holding around 18% . Approved existing investors, including Manoj Badale, would own the remaining approximately 7%.</p>
<p>Bengaluru: Two days after a group led by industrialist Lakshmi N Mittal struck a definitive deal to acquire the controlling stake of the Rajasthan Royals, Kal Somani–led consortium denied that it pulled out of the bidding process, asserting that the final outcome does not reflect a “level playing field”.</p><p>Somani-led group had made an offer of $1.63 billion and the agreement was assumed to be a done deal in March.</p><p>However, reports appeared last week that Mittals, along with strategic partners, had emerged as front runners to take over the Royals and two days later the same confirmed by the new owners.</p>.Mittal family buys 75% stake in Rajasthan Royals for over Rs 15k crore.<p>The franchise had stated that the consortium comprising Somani (Tech Entrepreneur), Rob Walton (Walmart Group) and Sheila Ford Hamp (Ford group) had pulled out of the race after which Lakshmi Mittal and his son Aditya, along with Serum Institute of India CEO Adar Poonawalla, bought a majority stake in Rajasthan Royals for $1.65 billion (Rs 15,600 crore approximately).</p><p>"We are deeply disappointed not to be part of the Rajasthan Royals ownership group, following a long six-month process in which we were the lead bid from start to finish," the consortium stated in a press release on Tuesday.</p>.<p>"Contrary to stories that have been planted in the press, our group was and has always been fully funded, prepared to close with certainty, and never withdrew our bid."</p>.<p>The group added that it had the documentation in place and was told that the franchise's board meeting on April 2 was held to approve its bid.</p>.<p class="bodytext">"In the end this was never the case. We approached this process with the highest standards of honesty, integrity, professionalism and in good faith, but unfortunately that wasn't enough.</p>.<p class="bodytext">"We do not believe the outcome ultimately reflected a level playing field, and it is difficult to reconcile the strength of our bid and preparedness to close with the final decision," it said.</p>.<p class="bodytext">According to a release from the Mittals, the family would own approximately 75% of Royals with Poonawalla holding around 18% . Approved existing investors, including Manoj Badale, would own the remaining approximately 7%.</p>
