India’s Reliance Industries has invested $11.24 million in its overseas subsidiaries, which own franchises in the UAE and South African T20 cricket leagues, The Economic Times reported, citing Reserve Bank of India (RBI) data.

In October 2022, Reliance Strategic Business Ventures had invested equity worth $5 million in UAE-based Indiawin Sports Middle East Limited, which owns MI Emirates franchise, according to RBI data on outward foreign direct investment.

The subsidiary invested $6.246 million in South Africa-incorporated India Mumbai Indians Private Limited, which owns the Cape Town franchise in SA20.

Also, billionaire Gautam Adani has invested in the Gulf Giants franchise in the International League (IL) T20 league, which was established by Emirates Cricket Board.

Three of the five teams in IL T20 are owned by Indian Premier League franchises.

Shah Rukh Khan-owned Knight Riders and GMR Group co-owned Delhi Capitals have bought Abu Dhabi Knight Riders and Dubai Capitals, respectively, the report said.

(Editing by Seban Scaria