Videocon-Abhishek in Race for Pune IPL Team

Mumbai: A consortium led by consumer durables-to-oil and gas group, Videocon is understood to be in the race for the franchise rights of the Pune team for the Indian Premier League 2011 season with Bollywood star Abhishek Bachchan as a likely partner.

According to sources, P Vision Ltd, a company owned by Videocon Group chief Venugopal Dhoot, along with two other Pune-based firms, may rope in Bollywood star Abhishek Bachchan in running the Pune IPL team. When contacted Dhoot declined to comment.

The sources said Videocon is leading the bid for the Pune IPL team as it meets the criteria of billion dollar turnover and upfront bank guarantee of Rs 430 crore, set by organizers of the domestic T20 league. The two new franchises for the IPL's 2011 season will be announced in Mumbai tomorrow.

"Everyone is speculating many things. You will know (bidders) tomorrow," IPL commissioner and chairman Lalit Modi said while announcing the League's first-ever branded merchandise tie-up globally with 130-yer-old Swiss watchmakers Bandelier in Mumbai.

The base price for the two new franchises, which would take up the number of teams in the IPL to 10, has been fixed at USD 225 million.

Gujarat-based industrialist Gautam Adani, CMD of diversified Adani group, is understood to be in the race for the Ahmedabad franchise of IPL 2011.

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