Torrent Group Set to Acquire Majority Stake in Gujarat Titans
NEW DELHI: In a significant move in the Indian Premier League (IPL) landscape, Ahmedabad-based Torrent Group is poised to acquire a two-thirds stake in the Gujarat Titans from CVC Capital Partners, as reported by the Economic Times. This deal is valued at approximately Rs 7,500 crore ($856 million) and is pending approval from the Board of Control for Cricket in India (BCCI).
First Majority Stake Sale Since 2008
If approved, this agreement will mark the first majority stake sale of an IPL team since the tournament’s inception in 2008. CVC, which previously acquired the franchise for Rs 5,625 crore ($745 million) in 2021, has agreed to provide an option for the remaining one-third stake.
Investment Details
Torrent Group plans to finalize the deal before the IPL season kicks off in March. The BCCI is expected to receive around 5 percent of the deal value, aligning with original terms. The final agreement is anticipated to be executed later this week, following the expiration of CVC’s ownership lock-in period on February 10.
Torrent’s investment will be funneled through Torrent Investments Private Limited, their holding company, which boasts sufficient cash reserves. The company aims to diversify beyond its core sectors of pharmaceuticals and power by venturing into sports.
A New Era for Gujarat Titans
Established in 2021, Torrent Sports Ventures signifies the group’s entry into the sports arena. With CVC having invested roughly Rs 1,800 crore to date as part of a planned 10-year investment, the stakes are high for both parties.
As the IPL season approaches, cricket enthusiasts and stakeholders alike are keenly watching this development. For those looking to explore the latest in sports merchandise and fan gear, visit Looffers.com for exciting deals and offers.
Stay tuned for more updates as this story unfolds and marks a new chapter in IPL history!
