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Videocon chairman keen on joining IPL
Ruchika M. Khanna
Tribune News Service

Chandigarh, April 15
The Indian Premier League may be in news for all the wrong reasons these days, but that has not deterred Videocon Group, one of the leading trade houses in the country, from considering the sport a viable business option.

Having lost out in the recently-organised bidding for the newly formed Pune team, the home grown business conglomerate is now eyeing a stake in some other IPL unit, apparently the Kings XI Punjab.

Venugopal Dhoot, the chairman of Videocon Group, today confirmed that he was keen on buying a stake in an IPL team. Not willing to confirm that he was in advanced stages of talks with promoters of Kings XI Punjab to buy 26 per cent stake (owned by Ness Wadia of Bombay Dyeing), Dhoot said he had received proposals from some IPL franchisees.

“I am a businessman and will buy a stake at a price that is profitable for me. The price still has to be negotiated with those willing to sell,” he said.

A section of the media has reported that Videocon is willing to pay $280 million to buy a stake in Kings XI Punjab while the team’s current promoters — Ness Wadia, actor Preity Zinta, Karan Paul of Apeejay Goup and Mohit Burman - have been demanding $300 million for the deal.

With the Kings XI team faring badly in the IPL-3, Videocon is reportedly not willing to pay the price quoted by its promoters. Notably, Videocon had earlier lost its bid of $320 million to Sahara Adventure to buy the Pune franchisee.