Competition Commission has approved the acquisition of Rajasthan Royals (India) and two other professional cricket franchises by industrialist Lakshmi N. Mittal and his son Aditya Mittal, along with Adar Poonawalla.

Westview Cricket Ltd and Poonawalla Sports and Fitness Pvt Ltd will be buying Rajasthan Royals (India), Paarl Royals (South Africa) and Barbados Royals (Barbados).

Competition Commission of India (CCI) has approved the acquisition, an official release said on Thursday.

The transaction value is around $1.65 billion.

Westview Cricket, a company registered in the UK, is owned by Lakshmi Mittal family while Poonawalla Sports is owned by Adar Cyrus Poonawalla.

EM Sporting Holdings Ltd (EMSH), a private company incorporated in Mauritius, is the holding company for Royal Multisport Pvt Ltd (RMPL), Paarl Royals Ltd and Barbados Royals Ltd.

RMPL owns and operates the Rajasthan Royals franchise, which participates in the Indian Premier League T20 cricket tournament organised by the Board of Control for Cricket in India, the release said.

Deals beyond a certain threshold require approval from CCI.

The regulator keeps a tab on unfair business practices and also promotes fair competition in the market place.