Companies paid millions of dollars on Thursday to buy the eight franchises of the Indian cricket board's Twenty20 Indian Premier league (IPL).

Film stars Shah Rukh Khan, Juhi Chawla and Preity Zinta were part of consortia that won 10-year rights deals.

India's most valuable company, Reliance Industries Ltd, successfully bid $111.9 million for the Mumbai team, the Indian board announced after bids for franchises were opened.

United Breweries Ltd, owned by Indian billionaire Vijay Mallya, who last year bought into Formula One team Spyker and renamed it Force India, snapped up Bangalore for $111.6 million.

The base price for owing a team for 10 years was set at $50 million.

"I'm delighted that UB group has got it," Mallya told reporters. "United Spirits will now use this as an active promotional platform for all our brands," added Mallya, who lost the Mumbai bid to Mukesh Ambani-owned Reliance.

Eleven companies --- some a consortium of individuals --- were in the race to own teams from a choice of 12 cities where the franchises would be based.

Bollywood actor Shah Rukh Khan was part of the consortium that clinched Kolkata for $75.09 million, while infrastructure company GMR Holdings won the Delhi franchise for $84 million.

Each succesful bidder will pay 10% of the bid price to the board every year.

"To date we have made $1.749bn," Lalit Modi, vice president of the Indian cricket board and chairman of the IPL said.

Every squad of 16 must have a minimum of four Indian and four under-21 players, with no more than four international players allowed in any one game.

Four "iconic" players - Tendulkar, Rahul Dravid (Bangalore), Sourav Ganguly (Kolkata) and Yuvraj Singh (Chandigarh) - cannot be traded for three years and they will be paid 10% more than other team members.

Flamboyant Vijay Mallya of the UB Group admitted that he wanted the Mumbai team, but he was outbid by Mukesh Ambani's Reliance.

Ambani won with the highest bid of $111.9 million. Deccan Chronicle put in the second highest bid of $107.01 million for the Hyderabad team while Mallya's UB Group put in the third highest bid of $106 million for Bangalore.

Ogilvy & Mather will be the advertising agency for IPL and Mindshare will do the media buying for the League, which will see an unprecedented media blitz.

The winners and the winning bids for the eight teams for the Indian Premier League were:

1. Mukesh Ambani's Reliance for Mumbai - $111.9 million
2. Deccan Chronicle for Hyderabad - $107.01 million
3. Vijay Mallya's UB Group for Bangalore - $106 million
4. India Cements for Chennai - $91 million
5. GMR Holdings for Delhi - $84 million
6. Consortium led by Preity Zinta for Mohali - $76 million
7. Shah Rukh Khan's Red Chillies (with Juhi Chawla and Jay Mehta) for Kolkata - $75.09 million
8. Emerging Media, a consortium including Manoj Badale of England, Lachlan Murdoch and some other investors for Jaipur - $67 million