Torrent Group acquires majority stake in IPL team Gujarat Titans
CVC Capital Partners, which currently owns the Gujarat Titans through its subsidiary Irelia Company, will offload the majority of its stake through this transaction.
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Ahmedabad-based multinational conglomerate Torrent Group has announced that it has entered into a definitive agreement to acquire a majority stake of 67 percent in the IPL franchise, Gujarat Titans. The deal marks a significant step for Torrent Group as it expands into the sports sector. CVC Capital Partners, which currently owns the Gujarat Titans through its subsidiary Irelia Company, will offload the majority of its stake through this transaction. However, CVC will retain a 33 percent stake in the franchise following the completion of the deal.
The financial details of the transaction remain undisclosed, and the deal is subject to approvals from the Board of Control for Cricket in India (BCCI) and other regulatory authorities.
Torrent Group's Director, Jinal Mehta, expressed excitement about the acquisition, emphasizing the company's commitment to elevating the fan experience and tapping into the rapidly growing sports sector in India. "It is a matter of great pride for us to welcome Gujarat Titans and millions of its passionate fans into the Torrent Group," Mehta said in a statement. "With the acquisition of a majority stake in the Gujarat Titans, we are excited to have the opportunity to unlock new growth avenues in the years to come and create a lasting legacy for everyone involved – our fanbase, the players, and our employees."
The Gujarat Titans, under the leadership of captain Shubman Gill, have enjoyed notable success in their short IPL history. The team clinched their maiden IPL title in 2022, defeating Rajasthan Royals in the final. In 2023, they finished as runners-up, losing to Chennai Super Kings (CSK) in the final. However, the 2024 season proved challenging, as the team finished in eighth place, with Kolkata Knight Riders (KKR) emerging as the champions.
The acquisition of Gujarat Titans aligns with Torrent Group's broader strategy of venturing into the growing sports industry in India. With its established track record across multiple sectors, the company aims to set new standards of excellence in the sports industry through its investment in the IPL franchise.
