“Led by CIO Jagdeep Singh Bachher, UC Investments has entered into an agreement with the Aditya Birla Group to act as a co-investor in a special purpose vehicle (SPV) that will eventually hold a stake in Royal Challengers Bengaluru. Under this arrangement, UC Investments will not have any direct stake in the IPL franchise’s cap table,” one source revealed.
According to another source, “In a similar setup, the promoters of the TVS Venu Group have collaborated with the Times of India Group as one of its primary co-investors in the SPV.”
A third source mentioned, “The TVS Venu Group views this as a long-term investment in the sports sector, thanks to its established business presence in Bengaluru and local connections.”
“In addition to UC Investments and the TVS Venu Group, there are other co-investors involved in the two SPVs for the Aditya Birla Group and the Times of India Group, which include both domestic and international high net-worth individuals,” another source elaborated.
“The four-way consortium for RCB has submitted all pertinent details, including the names of all co-investors, to the seller Diageo, which has subsequently relayed this information to the BCCI for approval,” the source added.
David Blitzer’s Bolt Ventures and BXPE, the perpetual private equity strategy of Blackstone, are the additional members of the consortium that announced the acquisition of RCB for $1.78 billion (Rs 16,600 crore) on March 24.
All four sources spoke to Moneycontrol on the condition of anonymity.
The specific investment amounts from UC Investments and TVS Venu Group could not be verified independently by Moneycontrol.
Moneycontrol reached out via email but did not receive an immediate response from Diageo, TVS Venu Group, or UC Investments. Satyan Gajwani, Chairman of Times Internet Limited, opted not to comment in response to a text from Moneycontrol. A spokesperson from the Aditya Birla Group was not available for comment, while a text sent to Sudarshan Venu of the TVS Venu Group went unanswered as of publication. Reminders have been sent, and this article will be updated once any of the parties respond.
As per the RCB deal announcement made on March 24, the acquisition is contingent upon customary closing conditions, including approvals from the BCCI, CCI, and other relevant regulatory authorities.
A closer look at the co-investors
UC Investments, which supports SpaceX, oversees investment funds for the University of California and provides fiduciary oversight. As a significant global institutional investor, it concentrates on public markets and private equity, particularly in sustainability, impact investing, and technology. Recently, it has adopted a more cautious view on AI, according to CIO Bachher.
TVS Venu Group is a multinational corporation with a presence in over 80 countries, engaged in sectors such as automotive, financial services, and real estate.
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On April 2, the group announced the finalization of a deal through TVS Venu Management and Consultancy Services Pvt Ltd and its affiliates to acquire Prudential Financial Inc’s complete stake in PGIM India Asset Management Pvt Ltd and PGIM India Trustees Pvt Ltd.
Interestingly, on May 3, Lakshmi N Mittal and Aditya Mittal also disclosed a definitive agreement to acquire the Rajasthan Royals for $1.65 billion, in partnership with Adar Poonawalla, from Manoj Badale and his consortium. Moneycontrol was the first to report this development.
