UltraTech Cement is acquiring promoter N Srinivasan’s stake in India Cements. The IPL team isn’t part of the acquisition. Srinivasan’s daughter Rupa Gurunath, whole-time director of India Cements, will likely join the board of the IPL franchise. She has been directly involved in its management and will now spearhead expansion plans.
India Cements has a strong sports tradition with cricket teams playing in the first division of the Tamil Nadu Cricket Association (TNCA) league, along with support staff. The chairman of CSKCL is R Srinivasan, the promoter’s cousin.
Sports Management Experience
It’s not known if N Srinivasan, 79 and ailing, will be present in any honorary capacity on the board. CSKCL didn’t reply to ET’s queries. The team is said to be the IPL’s most valuable franchise, with a brand value of $231 million as per a report released by investment bank Houlihan Lokey Inc in June.The standalone brand value of the IPL has been pegged at $3.4 billion (`28,000 crore), up 6.3% over the past year. Gurunath is also understood to be evaluating the possibility of a CSK team participating in the Women’s Premier League (WPL), the inaugural edition of which was held last year. “CSK is currently studying the financial viability… and the experience of the other five IPL franchises that took part last year,” said an executive.Like her father, Gurunath is an avid golfer and is counted among the top women players in Chennai. “Exiting the cement business will give Rupa more opportunities to focus more on sports management, which she excels at,” said one of the persons cited. “She is the only gen next among Chennai’s business groups with strong experience in sports administration and owning the top IPL franchise.” Gurunath has been closely monitoring work on the team’s high-performance centre coming up at Navalur near Chennai. In 2019, she was elected as the first woman president of the Chennai Cricket Association.Expansion Plans
CSKCL’s expansion plans include opening more coaching centres for schoolchildren, stepping up fan connect activities, as well as increasing income through sponsorship and merchandise.
Gurunath headed the infrastructure committee of the TNCA and has been credited with modernising the MA Chidambaram stadium in Chennai by building additional pavilions and facilities. India offspinner R Ashwin has returned to the India Cements group and will play a key role in Superking Ventures, a part of Chennai Super Kings. The 37-year-old cricketer was with India Cements until 2016 and played for CSK from 2008 to 2015. MS Dhoni, former captain of CSK, will continue his association with CSK in some capacity, said people with knowledge of the matter.
