March 24 (Reuters) - Indian Premier League franchise Royal Challengers Bengaluru has been acquired for $1.78 billion by a consortium comprising Aditya Birla Group, Times of India Group, Bolt Ventures, and Blackstone, the consortium said on Tuesday.

The seller United Spirits, the India arm of UK-based drinks giant Diageo ( DEO ), launched a strategic review of its 100% holding of the Bengaluru franchise in November, labeling the team "non-core" to its primary alcohol business.

The growing interest in IPL franchises is driven by rising team revenues and the Twenty20 league's record valuation, which investment bank Houlihan Lokey pegged at $18.5 billion last year.

Aditya Birla Group Director Aryaman Vikram Birla will serve as chairman of the franchise and Satyan Gajwani of Times of India Group will serve as vice chairman.