Gautam Adani, the Gujarat-based industrialist chairman and managing director of Adani group, will bid for the Ahmedabad franchise of the Indian Premier League (IPL) 2011. The Adani Group has decided to bid for the new Ahmedabad franchise. The bids was opened on Sunday, March 7. The bids winners will be announced by the invitation to tender. There are presently eight IPL franchises and the IPL governing council will add two more new franchises for IPL 2011.
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The Adani Group Spokesperson said, “We have decided to bid for the Ahmedabad team of IPL,” he added, “We will bid individually“, they may be bid jointly with any other company or individual. The IPL has set a base price of US $ 225 million per franchise and according to the IPL’s tender rules, bidders should submit a Rs 460-crore bank guarantee to participate in the bidding process within 48 hours. If the prospective bidder is not successful, then the money will be returned after the auction. The bid winners had to give a bank guarantee that was around 10 per cent.
The number of teams will increase to 10 from the IPL’s fourth season of the year 2011 when 94 matches will be played. In each year from 2011 and onwards, in respect of two locations in India, the right will be granted to the winning bidders to own and operate a new team which will compete in the IPL, under the invitation to tender. According to a TV news , the top corporate house including, Videocon, ICICI, Prince Al-Waleed of UAE are among the bidders for the two new franchises running for the Pune franchise.
Source: www.business-standard.com
Tags: IPL-Indian Premier League