No recession in IPL: Lalit Modi

Sahara bagged Pune while little known Rendezvous Sports World Limited clinched Kochi as the Indian Premier League on Sunday unveiled two new teams joining the cash-awash Twenty20 league.

IPL Commissioner Lalit Modi said Sahara Adventure Sports Group made an identical $ 370 million bid for three cities -- Ahmedabad, Nagpur and Pune.

"They made the highest bid for all three cities and were asked to chose one of those cities. So Pune will be the home ground of their team," Modi told reporters.

Rendezvous Sports World Limited made the second highest bid today but their offer of $ 333.33 million was enough to land the Kochi franchise, Modi said.

Modi was particularly pleased with the fact that IPL proved recession-proof.

"All of you have said that there is a recession going on but as far as IPL is concerned there is no recession at all. We will continue to be on upward trend, he said.

He also shared that the bidding of eight original IPL teams realised a total value of at Rs 2,840 crores while Sunday s bidding for two new teams are combined worth of Rs 3,235.53 crores.

Cost of all 10 IPL teams:

2 new teams cost - $703 million dollars

# Sahara Adventure Sports (Pune): $370 (Rs 1702 crore)

# Rendezvous Sports World (Kochi): $333 (Rs 1533 crore)

8 original teams' cost - $723.59 million dollars

# Mumbai Indians: $111.9million (Rs 447.6 crore)

# Bangalore Royal Challengers: $111.6 million (Rs 446.4 crore)

# Deccan Chargers: $107 million (Rs 428.04 crore)

# Chennai Super Kings: $91 million (Rs 364 crore)

# Delhi DareDevils: $84 million(Rs 336 crore)

# Kings XI Punjab: $76 million(Rs 304 crore)

# Kolkata Knight Riders: $75.09 million(Rs 300.4 crore)

# Rajasthan Royals: $67 million (Rs 268 crore)