 |
|
The proposed acquisition of India Cements Ltd (ICL) by UltraTech Cement, announced on Sunday (July 28), has sent ripples beyond the cement industry. While initially raising questions about the future of the Chennai Super Kings (CSK), a leading IPL franchise, it was clarified that this corporate deal won't affect the team's ownership. CSK remains an independent entity, owned by its shareholders, with the N Srinivasan family retaining a controlling stake.
India Cements, the original owner of the CSK franchise, is set to transfer its control to the Aditya Birla Group upon the completion of the proposed 33.72% stake sale. However, CSK separated from India Cements around 2015, distributing shares among India Cements' shareholders at the time. The N Srinivasan family, comprising N Srinivasan himself, his wife Chitra Srinivasan, and daughter Rupa Gurunath, retained the majority and controlling stake in the franchise. While N Srinivasan will no longer hold any shares in India Cements after the UltraTech acquisition, his family's control over CSK remains unchanged.
The article delves into the future of CSK and its star player, MS Dhoni. Dhoni's continued association with CSK will depend on the number of player retentions allowed in the upcoming IPL season. Discussions between Dhoni and N Srinivasan have taken place, with Dhoni's future hinging on the IPL's retention policy. If the IPL allows for a sufficient number of retentions, preferably five or six, Dhoni could continue playing for CSK. However, if the retentions are limited, Dhoni might transition to a mentoring role, providing guidance from the sidelines rather than from the field. This decision ultimately depends on the outcome of the Board of Control for Cricket in India (BCCI)'s meeting with IPL team owners in Mumbai on July 31, where Rupa Gurunath, N Srinivasan's daughter, will be present.
The article sheds light on the historical connection between India Cements and cricket. India Cements, a 77-year-old company, has a long history of supporting cricket at various levels. Notable cricketers like MS Dhoni, Rahul Dravid, Dinesh Karthik, R Ashwin, S Badrinath, and L Sivaramakrishnan have been employed by the company. The company's first cricket recruit was S Venkataraghavan, a former India spinner, under N Srinivasan's leadership. While the exact reasons behind Srinivasan's decision to sell his family's shares in India Cements remain unclear, he will continue to control 18 clubs in the Chennai league associated with the Tamil Nadu Cricket Association (TNCA), which India Cements previously sponsored.
Source: UltraTech-India Cements deal: what next for Dhoni, Srinivasan and CSK?