RCSPL owns and operates the Royal Challengers Bengaluru franchise in the Indian Premier League (‘IPL’) and the Women’s Premier League. Big Banyan is a wholly owned subsidiary of Aelius Investments Pte. Ltd. and forms part of the Aditya Birla group. It acquired RCSPL alongside Bolt IPL Holdings LLC, a newly incorporated Delaware company, Times Internet Limited (‘TIL’) and Times Cricket LLP, both subsidiaries of Bennett Coleman and Company Limited, ICQ Opportunities RC Holdco, Ltd. (‘ICONIQ’), and Asia Investment Topco II Pte. Ltd. (‘Blackstone’), which is owned by funds managed by affiliates of Blackstone Inc. Apart from TIL, none of the acquiring vehicles currently carries on business activities.