Dubai based investment advisory and private equity firm Dar Capital Group has emerged the highest bidder for the theatrical rights for the Indian Premier League. Dar Capital-owned Entertainment and Sports Direct won the deal with Rs 3.30 billion bid.
The 10-year deal, which is valid from 2010 through to 2019, will give ESD the exclusive exhibition rights for audiences in cinema halls, stadia, water borne vessels, buses, trains, armed service establishments, hospitals, bars, hotels, restaurants, airports, railway stations, shopping malls, offices, construction sites, oil rigs, clubs, auditoriums, spas, salons and other similar public venues, according to Indiantelevision.com.
Competing with Dar for IPL rights was Triplecom Media. The ESD bid is subject to final approval from the IPL Governing Council.
Dar Capital Group is headed by Arun Rangachary, who is the chairman. Rangachary has over 16 years experience in public relations in Gulf and in private equity in India. He is also the chief mentor for Percept Profile Gulf, which is part of the Percept Group.
Dar has several investments in India in agriculture, technology and media sectors. Besides ESD, which is a company focussed on sports and entertainment related content acquisition, Dar has also invested in an eco-agricultural project - AgBio - near Mumbai, and Valuable Media. The firm runs two real estate funds with several investments in India, a media fund, and a $50 million agricultural fund.
It also has partnerships with Signature Group International, an India focused asset management firm with $600 million under management, Delhi-based Opus Group where it, along with DAR, is jointly involved in the development and construction work of the Bahrain-based Khaleeji Commercial Bank promoted 400 acre Global Logistic Park project in Panvel, Maharashtra; and it's also raising a media fund in partnership with Mumbai based Valuable Group.