03 February,2009 04:49 PM IST | | PTI
Bollywood actress Shilpa Shetty and Dubai-based businessman Raj Kundra have picked up 12 per cent stake worth over USD 11.6 million in the Rajasthan Royals franchise team that won the inaugural 2008 season of the Indian Premier League.
"It's a strategic business investment. I always support the underdogs as I am myself one. Rajasthan Royals were the underdogs in IPL before they succeeded (in winning the title)", Shetty told a media conference today.
Shetty has invested her money in the Rajasthan Royals team, co-owned by Manoj Badale who is also its chairman, as the CEO of S2 Global Productions Private Limited and her business partner in the venture is the CEO of Dubai-based Essential Trading Company, Raj Kundra.
Kundra said he has heeded the advise of his father to always invest in a successful venture and the triumphant Royals franchise team fit it perfectly. Badale, announcing the selling of 12 per cent stake in Rajasthan Royals was valued at USD 140 million, said that last year the focus was to make it a well-known brand in India and this year the strategy was to globalise it.
"We wanted to find a strategic partner to develop the commercial properties. We want to make Rajasthan Royals into more than a cricket franchise, want to make it into a global brand. It was the second-most popular team in all of India last year, and obviously the number one in Rajasthan", he said.
