The Indian Premier League (IPL) today set in motion the global tendering process for the new official franchisees in the IPL to be inducted from 2011 season. IPL has set a base price of 225 million dollar per franchise for the two new franchisees. The tender documents would be available at the BCCI-IPL office at Cricket Centre in Mumbai with the cost of the document being Rupees five lakh each. In a statement issued in Mumbai, IPL said that all bidding parties will have to fulfill the eligibility criteria and other requirements specified in the Invitation to Tender. The winning bids for the two new IPL franchisees will be opened in Mumbai on March 7.