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On 3 April 2007, Zee Telefilms (part of Subhash Chandra promoted Essel Group) announced that it would be partner with infrastructure major IL&FS to create a new ambitious cricket league, Indian Cricket League (ICL). ICL was set up with a Rs. 100 crore (Rs. 1 billion) corpus, and would initially comprise six teams to be expanded to 16 in three years. This will make ICL the richest professional league in the country with an annual prize of $1 million (Rs. 4.4 crore).
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