New Delhi: Amid the proposed acquisition of India Cements Limited (ICL) by Ultratech Cement there were questions about the future of the Indian Premier League (IPL) franchise Chennai Super Kings (CSK). Both India Cements and CSK are owned by former BCCI president N Srinivasan and his family. However, the deal will reportedly have no impact on the IPL franchise.
India Cements originally owned CSK but the IPL team is now a separate entity thus there will be no impact on the franchise as far as the business deal between the two cement giants is concerned. The Aditya Birla Group which owns UltraTech Cements will have the controlling stake in India Cements once the proposed sale of its 33.72% stake is completed.
As per a report in Cricbuzz, N Srinivasan and his family will retain ownership of the Chennai Super Kings despite the sale of India Cements. CSK is no longer under India Cements as it was registered as a separate entity – Chennai Super Kings Cricket Limited (CSCL) in 2015 and the company shares were divided among the shareholders of India Cements, about a lakh of them. Srinivasan and his family hold the majority and controlling stake in the franchise.
“Chennai Super Kings and India Cements are different entities. India Cements no longer controls the CSK team. The team is run by a company called Chennai Super Kings Cricket Limited (CSKCL),” CSK CEO Kasi Viswanathan was quoted as saying by Cricbuzz.
Srinivasan, his wife Chitra Srinivasan and his daughter Rupa Gurunath hold the majority stake in CSKCL. As per Cricbuzz, however, R Srinivasan, not N Srinivasan is the chairman of the company. Once UltraTech acquires India Cements, Srinivasan will no longer be the owner of the 77-year-old company with a rich legacy. He will no longer hold any shares in the cement company.
UltraTech announced the acquisition of India Cements on Sunday, confirming that it will be purchasing a 33.72% stake in the company for a sum of Rs 3,954 crore following its purchase of 22.77% shares for Rs 1,889 crore in June this year. The reason behind Srinivasan selling India Cements remains unclear but he and his family will continue to own 18 clubs in the Chennai league under the Tamil Nadu Cricket Association (TNCA).
India Cements’ rich cricketing legacy
India Cements has a rich cricketing legacy having employed hundreds of cricketers throughout the years, including some big names who enjoyed a stellar career for India. The likes of MS Dhoni, Rahul Dravid and Dinesh Karthik among others are all currently employed by India Cements and were also present at the celebrations of the company’s platinum jubilee a few years ago.
Chennai Super Kings are one of the most successful franchises in the history of the Indian Premier League with five titles to their name. CSK have also won two Champions League trophies and have played a staggering 10 finals in the 15 seasons that they have been part of the tournament.
UltraTech Cement’s acquisition of the India Cements Limited (ICL) will have no impact on the Chennai Super Kings (CSK) franchise in the Indian Premier League (IPL). CSK will continue to remain under the ownership of N Srinivasan and his family. Cricket Sports News: Latest Cricket News, Cricket Live Score, Sports Breaking News from Sports Today
