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India Cements’ to float new subsidiary for CSK

India Cements will float its IPL franchise Chennai Super Kings (CSK) as a new subsidiary with effect from January 1, 2015. 

The company will be named Chennai Super Kings Cricket Ltd and it will be a 100% subsidiary.

India Cements’ directors have approved the proposal to demerge Chennai Super Kings (CSK) into a wholly-owned subsidiary by transferring its net assets at cost, the company said in a statement. 

The development comes at a time when the Supreme Court has called for the team to be disqualified from the Indian Premier League post the Mudgal Committee report.

The apex court also asked India Cements to declare the shareholding of India Cements as well as CSK.

The company, though, has denied violating the IPL franchise agreement.   

Chennai Super Kings is arguably the most valuable and most popular team in the IPL. India Cements bagged CSK for about $ 91 million, payable over a period of ten years to BCCI in equal installments commencing from 2008. 

CSK clocked revenues of Rs 166 crore in 2013-14.

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