The IPL franchise from Hyderabad has been named Sunrisers by its new owners, Sun TV Network. The ownership of the franchise, previously known as the Deccan Chargers and owned by Deccan Chronicle Holdings Limited, changed hands in October. The new name was announced in Chennai on Tuesday.

The Sun TV network had bid Rs 85.05 crores per year (approx $15.9m) for a five-year deal, a week after Deccan Chargers was terminated due to prolonged financial issues.

Sun TV Networks Limited, which is headquartered in Chennai, is one of India's biggest television networks with 32 TV channels and 45 FM radio stations primarily catering to an audience in the four southern languages of India. Their network includes channels covering news, entertainment, film, documentary and music.

Sunrisers will have the services of Kumar Sangakkara, Dale Steyn, Ishant Sharma and JP Duminy, among others, in IPL 2013, as the Sun TV Network had retained 20 players from the terminated Deccan Chargers.