Adani Group may buy Deccan Chargers for $300 mn

According to investment banking sources, the Gujarat-based Adani Group is close to acquiring IPL 2009 winner Deccan Chargers for $280-300 million, said a television business news channel.

A top executive at a leading financial institution told a financial daily that the Adani-Deccan deal is almost complete.

Deccan Chronicle holds 80 per cent stake in Deccan Chargers and had paid $107 million for the IPL franchise.

It is not clear if Deccan Chronicle will sell out completely or reduce stake to become a minority shareholder.

An outright change of ownership will see a change in team's name as well, since 'Deccan' is used by the current promoters of Deccan Chargers.