GMR reveals ownership stakes in Delhi Daredevils
With the ownership patterns of Indian Premier League (IPL) franchises coming under government scrutiny, GMR Holdings Private Limited on Tuesday became the second franchise after Deccan Chronicle to disclose their ownership details for Delhi Daredevils.delhi Updated: Apr 22, 2010 17:47 IST
With the ownership patterns of Indian Premier League (IPL) franchises coming under government scrutiny, GMR Holdings Private Limited on Tuesday became the second franchise after Deccan Chronicle to disclose their ownership details for Delhi Daredevils.
The Bangalore-based construction giant said in a statement that Delhi Daredevils is owned by GMR Sports Private Limited - a subsidiary of GMR Holdings Private Limited.
The company said that GMR Holdings Private Limited owns 51 percent of share capital while the remaining 49 percent is owned by the family members of the G.M. Rao. Of the 49 percent, Rao owns 13 percent while Srinivas Bommidala, G.B. Raju and G. Kiran Kumar hold 12 percent each.
GMR Sports Private Ltd is run by a board of directors headed by Bommidala as the chairman. The other directors are P.B. Vanchi, G. Subbarao and K. Narayanrao. GMR Holdings Private Ltd share capital is fully held by Rao and his family members.
Deccan Chargers, owned by media group Deccan Chronicle Holdings Ltd, had already declared its ownership structure, saying that it is owned by its 100 per cent subsidiary, Deccan Chargers Sporting Ventures Ltd.
Deccan Chargers Sporting Ventures Ltd is run by a board of directors with V. Shanker as the chairman, and the board members include T. Venkattaram Reddy, P.K. Iyer, N. Krishnan, M. Sukumar Reddy and G. Kumar.
Venkattaram is the chairman of Deccan Chronicle Holdings, but the information filed with stock exchanges said that Iyer, Kumar and Krishnan are also board members. V. Shankar is the company secretary.