He told the BBC: "We believe that we can set up a spectator-friendly, economically sustainable competition of our own.
"(But) We don't want a knee-jerk reaction to the IPL."
The idea has received the backing of IPL commissioner Lalit Modi, who says he has no problem with the tournament as long as it does not clash with the Indian showpiece event.
"As long as an English Premier League was not played at the same time as ours, then I see no problem with partnership," said the Indian Cricket Board vice-president. "I think it's a good idea."