Aussie legend Shane Warne who captains the 'Rajasthan Royals' said on the occasion: “I think we have got some wonderful and excellent cricketers taylor-made for Twenty20 form of the sport. This is an exciting squad."
Middle order batsman Mohammad Kaif was also present on the occasion.
Chief Minister Vasundhara Raje Scindia, a keen cricket enthusiast was also present at the unveiling ceremony.
Raje said that the latest format of Twenty20 is an exciting format of the game.
“I am very pleased to be here with you at the beginning of this most amazing new period of cricket," said Raje.
Some of the prominent members of the team are Yunus Khan, Kamran Akmal, Yusuf Pathan and Pankaj Singh.
Emerging Media secured the Jaipur team for a whopping amount of 67 million dollars.
IPL is a new concept unveiled by the Board of Control for Cricket in India (BCCI) for twenty20 cricket on the lines of football's English Premier League and National Basketball League of the US.
The eight franchise teams of the IPL - Bangalore, Chennai, Delhi, Hyderabad, Jaipur, Kolkata, Mohali and Mumbai -- have a budget of up to five million dollars each for a maximum of eight players contracted for a period of three years.
The 44-day IPL is schedule to start on April 18 and it will feature eight franchisees with 16-man squads in its inaugural season.