Two Indian tycoons, steel magnate Lakshmi Mittal and Adar Poonawalla, son of vaccine billionaire Cyrus Poonawalla, have teamed up to buy the Rajasthan Royals in a deal valued at $1.65 billion, as competition heats up for Indian Premier League’s cricket teams.

Under the deal, which is expected to close in the third quarter, Mittal and his family will buy a 75% stake in the cricket team, while Poonawalla will acquire 18% from existing investors led by British-Indian entrepreneur, Manoj Badale, who along with other investors will retain the remaining 7%, according to a statement released over the weekend.

"I love cricket and my family is from Rajasthan, so there is no Indian Premier League team that I would rather be part of than the Rajasthan Royals," Mittal said in the statement.

The Rajasthan Royals were previously........

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