Hero Honda buy stake in Kings XI Punjab

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New Delhi: Leading two-wheeler manufacturer Hero Honda have bought a majority stake in Mohali-based IPL team Kings XI Punjab for a reported USD 260 million.

Sources told CNN-IBN that Hero Honda was looking for a north India based team and that a formal announcement will be made soon.

The Kings XI team was earlier jointly owned by Dabur's Mohit Burman, Bombay Dyeing's Ness Wadia and Bollywood actress Preity Zinta.

The Hero Honda group had earlier been linked to picking up a IPL franchisee for the 2011 season, bidding for which will be done within the next two months.