United Spirits Limited (USL) has approved the sale of its entire 100% equity stake in its wholly owned subsidiary, Royal Challengers Sports Private Limited (RCSPL), to a consortium. The total consideration for the Proposed Transaction is a substantial INR 166.6 billion in an all-cash deal. RCSPL owns the highly recognized IPL and WPL franchises, Royal Challengers Bengaluru (RCB). The transaction is expected to close within six months, subject to regulatory approvals.
USL Divests Entire Stake in RCSPL
United Spirits Limited (USL) announced on March 24, 2026, that its Board of Directors has approved the sale of its entire 100% equity stake in Royal Challengers Sports Private Limited (“RCSPL”), its wholly owned subsidiary. The sale is being executed via a definitive Share Purchase Agreement (“SPA”), concluding the strategic review initiated on November 5, 2025.
Transaction Value and Parties Involved
The aggregate consideration for the sale amounts to INR 166.6 billion, structured as an all-cash transaction. RCSPL owns and operates the popular Royal Challengers Bengaluru (“RCB”) franchises participating in the Indian Premier League (“IPL”) and Women’s Premier League (“WPL”).
The acquiring consortium, collectively referred to as the “Buyers”, consists of:
- 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 of Blackstone Inc. affiliates).
- Buyer 4 & 5: Times Internet Limited and Metropolitan Media Company Limited (affiliates of Times Internet Limited).
The announcement confirmed that the Buyers do not belong to any promoter/promoter group/group companies of USL.
Financial Impact and Subsidiary Status
The disclosure provided key figures regarding RCSPL’s contribution to USL during the last financial year (FY 24-25):
| Particulars | Amount (Rs. Crores) | Percentage of USL Standalone Revenue/Net Worth |
|---|---|---|
| Revenue from Operations (FY 24-25) | 504 | 1.9% |
| Net worth (as at March 31, 2025) | 321 | 4.1% |
The document explicitly notes that RCSPL is not a material subsidiary of USL.
Closing Conditions and Timeline
Completion of the Proposed Transaction is conditional upon fulfilling all required approvals, specifically those from the Competition Commission of India and the Board of Control for Cricket in India (“BCCI”). The expected date of completion is within 6 months from the date of the agreement, subject to agreed extensions.
Related Party Transaction Status
The transaction is explicitly stated not to fall within related party transactions, despite RCSPL being a wholly owned subsidiary of USL (a related party).
Executive Commentary
Praveen Someshwar, MD & CEO of USL, stated that this sale allows USL to “sharpen focus on our core beverage alcohol business”. The acquiring consortium expressed pride in becoming custodians of RCB, recognizing its championship culture and passionate fan base.
About USL and the Consortium
USL is highlighted as a leading beverage alcohol company and a subsidiary of Diageo Plc. The Acquiring Consortium partners (ABG, Times, Bolt, and Blackstone) bring combined strengths in sport, media, technology, and brand-building.
Source: BSE
