A consortium led by the Aditya Birla Group (ABG) on Tuesday acquired 100 percent equity stake in IPL franchise Royal Challengers Bengaluru for a whopping USD 1.78 billion (approximately Rs 16,706 crore) from its current owner the United Spirits Limited. Other parties involved in the group are -- Blackstone's perpetual private equity strategy, BXPE, a firm of which Viral Patel is the CEO, Bolt Ventures, owned by American investor David Blitzer, and media conglomerate Times of India.

"United Spirits Limited, pursuant to the meeting of its Board of Directors, today announced that it has entered into definitive agreements for the sale of the 100 percent equity stake held in its wholly owned subsidiary Royal Challengers Sports Private Limited (RCSPL) to a consortium," the USL said in a statement. "The consortium comprises Aditya Birla Group (ABG), The Times of India Group (Times), Bolt Ventures (Bolt), and Blackstone's perpetual private equity strategy, BXPE (Blackstone) for a total consideration of INR 166.6 bn in an all cash transaction," the statement added.