 "India Cements sale to not affect N Srinivasan-owned Chennai Super Kings")
The proposed acquisition of India Cements (ICL) by UltraTech Cement, announced on Sunday (July 28), has stirred interest beyond the business domain. However, it has become clear that this deal will not affect cricket. The Chennai Super Kings, one of the most successful teams in the Indian Premier League (IPL), will continue to be owned by N Srinivasan and his family.
There were questions regarding the impact of the acquisition with India Cements the original owners of the CSK franchise. However, it has reportedly been clarified that CSK is now an independent entity, separate from India Cements, owned by approximately 1,00,000 shareholders of the Chennai-based firm.
“Chennai Super Kings and India Cements are different entities. India Cements no longer controls the CSK team. The team is run by a company called Chennai Super Kings Cricket Limited (CSKCL),” Kasi Viswanathan, CEO of CSKCL, is quoted as saying by Cricbuzz.
Viswanathan, a long-time associate of Srinivasan, also confirmed that the N Srinivasan family, including Srinivasan, his wife Chitra, and daughter Rupa Gurunath, retain a controlling interest in the franchise.
Chennai Super Kings separated from India Cements around 2015, with shares of the IPL franchise distributed among the shareholders of India Cements at the time. The majority and controlling stake remained with the N Srinivasan family.
Upon the completion of the acquisition by UltraTech Cement, N Srinivasan will no longer hold any shares in India Cements.
India Cements, a company with a rich history spanning 77 years, has employed numerous cricketers at various levels, including notable figures such as MS Dhoni, Rahul Dravid, Dinesh Karthik, R Ashwin, S Badrinath, and L Sivaramakrishnan. S Venkataraghavan, a former Indian spinner, was the first cricketer hired by India Cements under N Srinivasan’s leadership.
Impact Shorts
More ShortsWhile the specific reasons behind Srinivasan’s decision to sell his family’s shares remain unclear, he will maintain control over 18 clubs in the Chennai league linked to the Tamil Nadu Cricket Association (TNCA), which was previously sponsored by India Cements.
On Sunday, UltraTech announced its acquisition of India Cements shares for Rs 3,954 crore, following an earlier purchase of 22.77% of shares for Rs 1,889 crore in June.
MS Dhoni’s future with CSK, however, will hinge on the number of player retentions allowed in the upcoming IPL season. Dhoni and N Srinivasan reportedly have discussed this topic, and the former captain, who has represented the team since its inception in 2008, may continue to play if the IPL permits five or six retentions.
The players expected to be retained include skipper Ruturaj Gaikwad, Ravindra Jadeja, Matheesha Pathirana, and Shivam Dube, although not necessarily in that specific order. If a higher number of retentions is allowed, Dhoni might continue his playing career; otherwise, he could transition into a mentoring role, maintaining a significant influence on the team’s strategy from the sidelines.
Much will depend on the results of the Board of Control for Cricket in India (BCCI) meeting with IPL team owners scheduled for July 31 in Mumbai, where Rupa Gurunath, N Srinivasan’s daughter, will be present.
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