Rajkot (above) will be home to one of the new IPL franchises

Image courtesy of: ESPNcricinfo

Pune and Rajkot will become the home of the two new Indian Premier League (IPL) franchises after New Rising consortium and Intex won the ownership rights.

New Rising consortium picked Pune as their home base after bidding Rs minus 16 crore, while Intex chose Rajkot following a bid of Rs minus 10 crore.

IPL chairman Rajiv Shukla revealed that a total of five bids were made, with the other three coming from RPG group, Chettinad Group and Axis Chemicals.

Pune and Rajkot will form the two new franchises that will replace the Chennai Super Kings and Rajasthan Royals, who were both suspended for two years by the RM Lodha panel, who are investigating the 2013 IPL corruption scandal.