Chennai: Sahara bagged Pune while little known Rendezvous Sports World Limited clinched Kochi as the Indian Premier League, on Sunday, unveiled two new teams joining the cash-awash Twenty20 league.

IPL commissioner Lalit Modi said that Sahara Adventure Sports Group made an identical $370 million bid for three cities, Ahmedabad, Nagpur and Pune.

"They made the highest bid for all three cities and were asked to chose one of those cities. So Pune will be the home ground of their team," Modi told reporters.

Rendezvous Sports World Limited made the second highest bid and their offer of $333.33 million was enough to land the Kochi franchise, Modi said.

"In all, five groups qualified for the bid and I hope they make good business," Modi said.

He also made it clear that there were no plans to have a second IPL abroad.

"I'm always misquoted by the media. This is Indian Premier League and there are no plans to have a second IPL abroad.

"We also have no plans to expand further immediately. In fact I don't foresee an expansion in many many years to come but then you never know," he added.

Apart from the two successful bidders, other groups which took part in the bidding included Adani Groups and VC Digital Solution (Videocon).