India Cements' sports unit to join team Chennai Super Kings
sports division and its employees will be absorbed into the India Premier League (IPL) franchise Chennai Super Kings Cricket Ltd (CSKCL), said people close to the development.
UltraTech Cement is acquiring promoter N Srinivasan's stake in India Cements. The IPL team isn’t part of the acquisition. Srinivasan's daughter Rupa Gurunath, whole-time director of India Cements, will likely join the board of the IPL franchise. She has been directly involved in its management and will now spearhead expansion plans.
India Cements has a strong sports tradition with cricket teams playing in the first division of the Tamil Nadu Cricket Association (TNCA) league, along with support staff. The chairman of CSKCL is R Srinivasan, the promoter’s cousin.
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It’s not known if N Srinivasan, 79 and ailing, will be present in any honorary capacity on the board. CSKCL didn’t reply to ET's queries. The team is said to be the IPL's most valuable franchise, with a brand value of $231 million as per a report released by investment bank Houlihan Lokey Inc in June.
The standalone brand value of the IPL has been pegged at $3.4 billion (`28,000 crore), up 6.3% over the past year. Gurunath is also understood to be evaluating the possibility of a CSK team participating in the Women’s Premier League (WPL), the inaugural edition of which was held last year. “CSK is currently studying the financial viability… and the experience of the other five IPL franchises that took part last year,” said an executive.
Like her father,
