New IPL teams: CVC, Goenka win bid for Ahmedabad, Lucknow

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Business tycoon Sanjiv Goenka and international equity investment firm Irelia Company Pte Limited (CVC Capital) shelled out a combined Rs 12,715 crore (approx $1.7 billion) to win the bids for two new IPL teams, a windfall that far exceeded BCCI’s expectations.