Billionaire Kumar Mangalam Birla and U.S. private equity giant Blackstone teamed up with other investors to buy the Royal Challengers Bengaluru (RCB) amid a bidding frenzy for Indian Premier League’s cricket teams.

The consortium led by Birla’s flagship Aditya Birla Group is buying Royal Challengers from United Spirits, the Indian unit of London-based liquor giant Diageo, for 167 billion rupees ($1.8 billion) in cash. Besides Blackstone, the investors also include The Times of India Group, and David Blitzer’s Bolt Ventures, according to a statement released by United Spirits on Tuesday.

“Over the past two decades, the IPL has morphed to become a global sporting........

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