UltraTech-India Cement deal: No impact on Chennai Super Kings ownership

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Chennai Super Kings. Photo: Sportzpics

2 min read Last Updated : Jul 29 2024 | 2:17 PM IST

UltraTech Cement’s acquisition of India Cements Ltd (ICL), announced on July 28, has stirred significant interest across industries Despite the corporate shake-up, Chennai Super Kings (CSK), the popular Indian Premier League (IPL) team will continue to be owned by the N Srinivasan family, according to a report by Cricbuzz.


Kasi Viswanathan, CEO of Chennai Super Kings Cricket Limited (CSKCL) clarified that CSK is no longer under India Cements but operates as an independent entity. The team is now run by CSKCL, a company owned by around 100,000 shareholders of the Chennai-based firm.


“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),” Viswanathan told Cricbuzz on Sunday night from the United States.


Viswanathan emphasised that N Srinivasan, along with his wife Chitra Srinivasan and daughter Rupa Gurunath, holds a controlling stake in CSKCL.


Separation of Chennai Super Kings from India Cements


The separation of CSK from India Cements occurred around 2015. Shares of the IPL team were distributed among the then shareholders of India Cements, with the Srinivasan family retaining a majority stake. With UltraTech Cement’s recent acquisition moves, N Srinivasan will soon have no shares in India Cements, marking the end of his long association with the company.


India Cements, originally the owner of CSK, will transfer control to the Aditya Birla Group following the sale of a 33.72 per cent stake.


UltraTech Cement has announced the acquisition of India Cements shares at a cost of Rs 3,954 crore, following a previous purchase of 22.77 per cent shares for Rs 1,889 crore in June. An UltraTech official also confirmed that this acquisition will not affect CSK’s ownership, Cricbuzz added.


MS Dhoni’s future with Chennai Super Kings


The Board of Control for Cricket in India (BCCI) will discuss retention policies with IPL team owners in Mumbai on July 31. Rupa Gurunath, representing the Srinivasan family, will attend this crucial meeting.


Discussions between MS Dhoni and N Srinivasan suggest that if the IPL permits five or six retentions, Dhoni may continue playing. Other potential retention candidates include Ruturaj Gaikwad, Ravindra Jadeja, Matheesha Pathirana, and Shivam Dube.

 

First Published: Jul 29 2024 | 2:17 PM IST