Mumbai: Deccan Chronicle Holdings has restarted efforts to sell its Indian Premier League franchise Deccan Chargers, and is in talks with Perth businessman Vikas Rambal and Adani Group, sources with direct knowledge of the matter, told Reuters.

Deccan Chronicle is looking for about $200 million, said the sources, who did not want to be identified, as talks were still going on. That is nearly double what it paid for getting the Hyderabad-based franchise in 2008.

One of the sources said talks were also on with Malaysian state oil firm Petronas .

Deccan Chronicle officials did not respond to phone calls and e-mails seeking comment.

Rambal, the chairman of Perdaman Industries, is a sponsor for Champions League Twenty20 side WACA Warriors in Australia. A spokeswoman for Perdaman Industries declined comment on the talks to buy the IPL team.

An Adani spokesman said the group would not comment on speculation, while Petronas was not immediately available for comment.

Deccan Chronicle has been trying to sell the team since 2009, and media reports had cited Adani as a suitor in 2010 as well.

Deccan Chronicle paid $107.01 million in 2008 for the Hyderabad-based franchise for 10 years. The team finished last in the inaugural eight-team Indian Premier League (IPL) but came back strongly to win the next 2009 South African edition.

The IPL revolutionised cricket with its shortest twenty20 format, player auctions, post-game parties and heavy advertising, dazzling fans and offending purists.

Celebrity owners are part of the show and include Reliance Industries chief Mukesh Ambani, India’s richest man, as well as spirits and airline magnate Vijay Mallya and Bollywood superstar Shah Rukh Khan.

The cost of franchises have soared. Pune Sahara Warriors and Kochi Tuskers paid $370 million and $333 million respectively for successful bids last year , far more than the roughly $90 million average for the eight original sides.

UK-based Brand Finance placed Deccan Chargers sixth among the eight original IPL teams in terms of brand value in 2011, at $38.76 million, up from $34.44 million in 2010.

Earlier in 2011, Deccan Chronicle merged wholly-owned subsidiary Deccan Chargers Sporting Ventures Ltd, through which it held the stake in Deccan Chargers, with itself.