Diageo's USL Seeks RCB Bids by Early Feb Amid Suitor Frenzy; KKR in Talks with Dr. Ranjan Pai

• Diageo's Indian arm, United Spirits (USL), has requested preliminary bids by early February for its subsidiary Royal Challengers Sports Private Limited (RCSPL), which owns the Royal Challengers Bengaluru (RCB) franchise.
• The sale follows a strategic review of RCSPL, considered non-core to USL's alcohol business, with the process expected to conclude by March 31, 2026.
• Over 50 NDAs have been signed by various interested parties, including Indian strategics, global sports funds, PE funds, sovereign wealth funds, NRI entrepreneurs, and HNIs.
• Dr. Ranjan Pai of Manipal Group is in advanced talks with US private equity firm KKR to form a consortium and bid jointly for RCB, with Singapore's Temasek also evaluating joining.
• RCB, which participates in the IPL and WPL, is valued between $1.5 billion to $2 billion, and its brand value of $269 million makes it the top IPL franchise.

Why It Matters: Diageo's USL is selling RCB, attracting major investors like KKR and Dr. Ranjan Pai, valuing the team up to $2 billion.