United Spirits Limited (USL) has announced the sale of its entire 100% equity stake in its subsidiary, Royal Challengers Sports Private Limited (RCSPL), to a consortium including the Aditya Birla Group, The Times of India Group, Bolt Ventures, and Blackstone. The all-cash transaction is valued at an aggregate consideration of INR 166.6 billion. Upon completion, RCSPL, which owns the RCB IPL and WPL franchises, will cease to be a subsidiary of USL. The deal is subject to customary regulatory approvals.
USL Divests Royal Challengers Sports
United Spirits Limited (USL), a subsidiary of Diageo Plc., confirmed on March 24, 2026, that its Board of Directors has approved the definitive agreement for the sale of 100% equity shares in its wholly owned subsidiary, Royal Challengers Sports Private Limited (RCSPL). RCSPL owns and operates the Royal Challengers Bengaluru (RCB) franchises for the Indian Premier League (IPL) and Women’s Premier League (WPL).
Transaction Value and Acquiring Parties
The total consideration for this strategic divestiture is INR 166.6 billion, to be paid in an all-cash transaction. The acquiring consortium comprises four key entities:
- Aditya Birla Group (“ABG”) (via Aelius Investments Pte Ltd)
- The Times of India Group (“Times”) (via Times Internet Limited and Metropolitan Media Company Limited)
- Bolt Ventures (“Bolt”) (via Bolt IPL Holdings LLC)
- Blackstone’s perpetual private equity strategy, BXPE (via Asia Investment Topco II Pte. Ltd.)
The acquirers are collectively referred to as the “Buyers” and do not belong to the promoter/promoter group of USL. The transaction is expected to be completed within 6 months, subject to requisite approvals, including from the Competition Commission of India and the BCCI.
Strategic Rationale and Financial Context
Praveen Someshwar, MD & CEO of USL, stated this transaction marks an important milestone for USL as it sharpens focus on its core beverage alcohol business. The announcement concludes a strategic review initiated on November 05, 2025.
The financial details provided for RCSPL for the fiscal year ending March 31, 2025, show:
- Revenue from Operations: ₹504 Crores, representing 1.9% of USL standalone revenue.
- Net Worth: ₹321 Crores, representing 4.1% of USL standalone net worth.
Contractual Terms
The Share Purchase Agreement (SPA) includes customary provisions regarding the conduct of RCSPL’s business until completion, customary representations, warranties, and indemnities. The transaction does not fall within related party transactions.
Forward Outlook
The Acquiring Consortium expressed pride in becoming custodians of RCB, citing its championship-winning culture and passionate fan base, committing to taking the franchise to “new heights, on the pitch and beyond.”
Source: BSE
