The sale, according to a release, is subject to approval from BCCI and satisfaction of other customary conditions precedent.
"GMR Group and JSW Sports have entered into an agreement for a 50-50 partnership in cricket franchise Delhi Daredevils owned by GMR Sports. On consummation of the transaction, JSW Sports will hold 50 per cent stake in GMR Sports," JSW said in a release.
GMR Group had acquired the Delhi franchise in 2008 for USD 84 million.
JSW Sports, which owns franchises in football (Bengaluru FC), pro wrestling (Bengaluru Yodhas) and pro kabaddi (Haryana Steelers), had in 2015 said it was keen to acquire an Indian Premiere League team.
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"The DD team will add to our existing portfolio of sports investments. We look forward to bring our experience and expertise to take the team to new heights," JSW supremo Parth Jindal said.
The company is also expected to come on board as the seventh team in the Hockey India League from next year.
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