United Spirits Limited (USL) today announced the approval of the sale of its entire 100% stake in Royal Challengers Sports Private Limited (RCSPL) to a consortium for an aggregate consideration of INR 166.6 billion. The deal concludes USL’s strategic review of RCSPL. The transaction is subject to customary regulatory approvals, including from the CCI and BCCI. RCSPL, which owns the RCB IPL and WPL franchises, is deemed a non-material subsidiary.
USL Divests Entire Stake in RCSPL
At a Board meeting held on March 24, 2026, United Spirits Limited (USL) formally approved the divestiture of its entire 100% equity shareholding in its wholly owned subsidiary, Royal Challengers Sports Private Limited (RCSPL). RCSPL is the entity that owns and operates the Royal Challengers Bengaluru (RCB) franchises participating in the Indian Premier League (IPL) and Women’s Premier League (WPL).
The sale has been agreed upon with a consortium of buyers for a total cash consideration of INR 166.6 billion. This move follows a strategic review initiated by USL, first disclosed on November 5, 2025, marking USL’s decision to sharpen its focus on its core beverage alcohol business.
Details of the Proposed Transaction
The agreement for the sale (Share Purchase Agreement or “SPA”) was executed on March 24, 2026. Completion of the transaction is anticipated within 6 months from the date of signing, contingent upon meeting all conditions precedent, including receiving requisite regulatory approvals from the Competition Commission of India (CCI) and the Board of Control for Cricket in India (BCCI).
Upon closing, RCSPL will cease to be a subsidiary of USL, as USL will hold no shareholding in the entity.
The Acquiring Consortium and Relationship Status
The consortium purchasing the stake comprises four main parties, collectively referred to as the “Buyers”:
- Buyer 1: Bolt IPL Holdings LLC (an affiliate of Bolt Ventures).
- Buyer 2: Aelius Investments Pte Ltd (an affiliate of the Aditya Birla Group).
- Buyer 3: Asia Investment Topco II Pte. Ltd. (an investment vehicle affiliated with Blackstone Inc.).
- Buyer 4 & 5: Times Internet Limited and Metropolitan Media Company Limited (affiliates of Times Internet Limited).
The filing confirms that none of the Buyers belong to the promoter or promoter group of United Spirits Limited. Furthermore, while RCSPL itself is considered a related party (being a wholly owned subsidiary), the Proposed Transaction does not fall within the definition of related party transactions.
RCSPL’s Financial Contribution (FY 2024-25)
Disclosures under Regulation 30 show the relative size of RCSPL to USL’s consolidated financials for the last full financial year (FY 2024-25):
- Revenue from Operations: INR 504 Crores, representing 1.9% of USL’s standalone revenue.
- Net Worth (as of March 31, 2025): INR 321 Crores, representing 4.1% of USL’s standalone net worth.
Statements on the Transaction
Praveen Someshwar, MD & CEO of USL, highlighted that this transaction allows USL to “sharpen focus on our core beverage alcohol business”. The Acquiring Consortium expressed pride in becoming custodians of RCB, acknowledging its championship culture and passionate fan base.
The Board meeting that approved this landmark deal commenced at 18:09 hours IST and concluded at 19:00 hours IST.
Source: BSE
