New Delhi: Consumer electronics company Videocon Industries Ltd has signed a deal for the possible purchase of a stake in the Kings XI Punjab cricket team if it doesn’t get ownership of the new Kochi team, chairman Venugopal Dhoot said on Friday.
“If we don’t get the Kochi team, then we are with the Punjab team, with which we have already signed a NDA (non-disclosure agreement),” said Dhoot.
But Mohit Burman, a director at Dabur India Ltd and co-owner of the Punjab team, denied any deal with Videocon. “It’s not true,” he said.
Ness Wadia, joint managing director of Bombay Dyeing and Manufacturing Co. Ltd and a co-owner of the Punjab team, did not answer calls by Mint to his cellphone.
Videocon recently lost its bid for one of the two new franchises in the Indian Premier League (IPL) cricket tournament and began scouting for a stake in the other eight franchises.
It now stands a chance to be awarded the Kochi team after Rendezvous Sports World Ltd, which had won the bid for the team, failed to provide the necessary documents on time to the Board of Control for Cricket in India (BCCI).
According to the terms of the IPL tender for the two new teams, if Rendezvous Sports fails to sign the contract with BCCI within 30 days of submitting the bid on 17 April, Videocon, the third highest bidder, would become the new owner of the Kochi team.