New Delhi: Two new franchisees, based out of Rajkot and Pune, won bids to be part of the 2016 Indian Premier League (IPL). They will replace the Chennai Super Kings and Rajasthan Royals that have been suspended for two years for spot-fixing and betting.

The Pune franchise was bought by Kolkata-based businessman Sanjiv Goenka's company New Rising. Intex Mobiles won the Rajkot franchise bid. Goenka will pay Rs.10 crore per year for two years to BCCI. Intex Mobiles will shell out Rs.16 crore for the period.

The 2016 edition of IPL will begin from April 9 and stretch till May 29, an IPL governing council meeting decided here on Tuesday.

"News: Sanjeev Goenka's New Rising wins bid for Pune team. Intex wins bid for Rajkot team for next two seasons of vivo IPL #vivoIPL," IPL's twitter handle said.

The Board of Control for Cricket in India's twitter handle retweeted the post.

The base price was pegged at Rs 40 crore for the franchisees by BCCI.

A reverse bidding process was employed for the selling of the teams and the bidders were stipulated to quote an amount less than Rs.40 crore. The lowest bidder won the right for the franchisees. (IANS)