PVP Ventures to bid for new IPL franchise
Hyderabad: PVP Ventures, a city-based multi business house which has interest in realty, media and entertainment, said on Tuesday that it would throw its hat in the upcoming bidding for a new Indian Premier League franchise.
Prasad V Potluri, Chairman and Managing Director of PVP Ventures Ltd., said his company will have a disciplined approach as far as bidding amount is concerned.
"We are going to bid and we would like to have Hyderabad as base. I believe we have reasonable understanding of the franchise and its operations. It is synergic to our existing business. It is logical expansion of entertainment," Potluri said.
Owners of Deccan Chargers had earlier rejected the Rs 900 crore offer made by PVP ventures to buy the franchise.
Later on, the BCCI terminated the team from the IPL after the cash-strapped Deccan Chronicle Holdings Limited failed to furnish the guarantee money before deadline.
The bids have been invited in respect of 12 cities -- Ahmedabad, Cuttack, Dharamsala, Indore, Hyderabad, Kanpur, Kochi, Nagpur, Noida, Rajkot, Ranchi and Visakhapatnam.
The tender notice by the BCCI said all bidding parties will need to fulfil the eligibility criteria and other requirements specified in the Invitation to Tender.
Bids must be submitted at 12 noon on October 25. The winning bids will be announced in the manner set out in the Invitation to Tender, the BCCI advertisement had said.
"Deccan Chargers as a brand is history now. This is going to be new name and new franchise which we will actively rebuilt. Our belief come from a simple fact the franchise will prosper based on local, not based on team success," Potluri said.
PVP Ventures was formed via a takeover of SSI Ltd. In Chennai on February 27, 2007, resulting into a group with assets in excess of USD 300 million.
More from India
More from World
More from Sports
More from Entertaiment
- Till when will Kerala suffer violence in the name of politics?
- Till when will Kerala suffer violence in the name of politics? - Part II
- Till when will Kerala suffer violence in the name of politics? - Part III
- Till when will Kerala suffer violence in the name of politics? - Part IV
- Why is Mehbooba Mufti attacking Hindu beliefs for votes?
- Why are Antarctica ice-levels increasing? NASA has the answer!
- Buyout group to back rival's bid for Tata's UK steel assets - Sources
- French Open 2016: Angry Nick Kyrgios, Petra Kvitova pass chilly Roland Garros tests
- Working towards a technology which enables consumer to control electrical appliances at home sitting in office: TPDDL CEO Praveer Sinha
- Modi in Iran: PM promises big celebration of Guru Gobind Singh's birth anniversary