The Mumbai franchise was sold to the Reliance Industries Ltd, Mukesh Ambani & Nita Ambani for $111.9 million. And making it the most expensive team to be sold in the IPL. The franchise was eventually named “Mumbai Indians”.
Mukesh Ambani is the chairman and managing director of Reliance Industries Limited. Nita Ambani is the chairperson and founder of the Reliance Foundation and a non-executive director of Reliance Industries. Nita Ambani is married to Reliance Industries chairman and managing director, Mukesh Ambani.