Kings XI Punjab have finalised a lucrative trade deal with Delhi Capitals as premier off-spinner Ravichandran Ashwin will switch allegiance to the Delhi-based franchise for next year's edition of the Indian Premier League.
Ashwin captained KXIP in the past two seasons but the team failed to progress to the playoffs under his leadership.
As part of the deal materialised following fervent negotiations, Ashwin is set to pocket a whopping sum of money equivalent to his auction value.
KXIP have received Rs 1.5 crore and the services of Karnataka spinner Jagadeesha Suchith in return.
The 25-year-old Suchith has been associated with Chennai Super Kings and Mumbai Indians in the past, having played 45 T20 games.
"Everyone is happy with this deal. We are happy, Ashwin is happy and Delhi is happy. We were in talks with three teams but have finally come to this conclusion. We wish Ashwin the very best," Ness Wadia, Kings XI co-owner, was quoted as saying to PTI.
In addition to Suchith, KXIP had also requested Delhi to transfer New Zealand left-arm paceman Trent Boult but no agreement was reached on this.
Ashwin's trade saga is perhaps the most high-profile signing in the IPL transfer window that will formally come to an end on November 14.
Although the 33-year-old now plays only the red-ball format for his national side, he continues to be a constant fixture in the cash-rich T20 tournament.
He has collected 125 wickets from 139 IPL appearances at a miserly economy rate of 6.79 and was part of the CSK team which claimed two titles in 2010 and 2011.
Ashwin will join the likes of Sandeep Lamichhane and Amit Mishra in the Capitals to form a potent spin attack.
The Shreyas Iyer-led Delhi Capitals were defeated by eventual runners-up CSK in the second qualifier in IPL 12.