New Delhi/Chandigarh, Feb 10 (IANS) Hero Group of the Munjals Wednesday denied reports that it has acquired Kings XI Punjab, one of the eight franchisees of Indian Premier League T20 cricket tournament.

"The reports are absolutely baseless. Neither has the group acquired Kings XI nor was it in talks for such an acquisition," a spokesperson for the Hero Group told IANS in the national capital.

Kings XI Punjab is co-owned by actor Preity Zinta and industrialists Ness Wadia, Karan Paul, and Mohit and Gaurav Burman.

"It is not true -- totally baseless. We have not sold Kings XI Punjab to anyone. These are just speculations. We have no information regarding this," Anil Srivatsa, the chief executive of the franchisee, said reacting to reports.

"I don't know from where this news has emerged. We are also verifying from where these reports have come. Give me a couple of hours. Things will become clear," Srivatsa told IANS in Chandigarh.

Kings XI Punjab is led by Kumar Sangakkara, while Tom Moody is the coach.

Hero Honda also re-affirmed its association with the IPL and Delhi Daredevils, another franchisee.

"Hero Honda's association with IPL as an associate sponsor and the main team sponsor of Delhi Daredevils team remain unchanged," it said in a statement.

The $3.5-billion Hero Group, which started operations as a small component company for the bicycle industry more than 50 years ago, is the largest manufacturer of two-wheelers in the world today and has a 21-year-old collaboration with Honda of Japan.

The group is a sponsor of several major sporting events, including a high-profile golf tournament and has set up the Hero Indian Sports Academy to recognise, build and award outstanding talent within the country.

The third edition of the IPL begins March 12 with holders Deccan Chargers taking on Kolkata Knight Riders in Hyderabad.