The Videocon Group is in talks with industrialist Ness Wadia and actor Preity Zinta, co-owners of the Kings XI Punjab, to acquire their stake for around $200-225 million (Rs 920 crore-Rs 1035 crore), according to sources.

Kings XI Punjab is one of the eight teams taking part in the Indian Premier League (IPL-III). This mega cricket event has gained huge popularity and is seen as a big money spinner, prompting several large corporate houses and film stars to invest in picking up stakes in the franchisees.

?We have made the offer to the team owners and talks are still on. In case they agree to sell the stake for between $200 and $225 million, we will buy. Whatever happens will happen after this season of the IPL,? Videocon Group chairman Venugopal Dhoot told FE.

The Wadia Group, however, is eyeing a valuation of around $250-300 million for selling their stake in the team.

At the IPL auction three years back, a consortium comprising Paul, Mohit and Gaurav Burman, Wadia and Zinta bought Kings XI Punjab for $76 million (around Rs 350 crore at the present exchange rate of Rs 46).

Wadia and Zinta reportedly own around 23% each in the team. If the deal goes through, Videocon will hold the majority stake in the team. The team has two more co-owners in Mohit Burman, director of Dabur India, and Karan Paul of the Apeejey Surendra Group. Sources said it is likely that Videocon Group picks up the stake along with another partner, whose name could not be ascertained.

Videocon?s VC Digital and Adani Enterprises were the frontrunners to acquire the new teams at the IPL auction on March 7, before the IPL governing council deferred it by two weeks. At that time, Dhoot had said, ?We lost a life-time opportunity, but if given a chance to acquire a stake, I would go ahead?.

Last week, it was reported that Mohit Burman was also open to sell his stake if offered a good valuation. But, it could not be confirmed whether he would still be interested because he could not be reached.

Videocon Group?s VC Digital had bid for the Pune team at a valuation of $319.9 million (Rs 1,471.5 crore) in the last week?s auction but lost to Sahara Adventure Sports, who filed the highest bid of $370 million (Rs 1,701 crore). At the same time, Rendezvous Sports bought the Kochi team for $333 million (around Rs 1,600 crore).