Healthcare major Torrent Group became the majority shareholder of Gujarat Titans after acquiring 67 percent (2/3rd) stake from current owners CVC, the IPL franchise announced on Wednesday.
The transaction is subject to customary closing conditions and approvals, including from the BCCI.
“Torrent Group has entered into a definitive agreement to acquire majority stake of 67% in the renowned Indian Premier League (IPL) franchise, Gujarat Titans (Irelia Sports India Private Limited) from Irelia Company Pte Ltd (“Irelia”) – currently fully owned by funds managed or advised by CVC,” the press release stated.
“As part of the deal, Irelia will retain a substantial minority stake of 33% in the franchise,” it further stated.
The CVC in 2021 had bought the Gujarat franchise for INR 5625 crore and incidentally Torrent was one of the bidders.
The current valuation of GT is believed to be INR 7500 crore and as per IPL sources, Torrent has paid something to the tune of Rs 5025 crore to acquire two-third stake.
The deal is a win-win situation for both as CVC has not only retained one-third share but also got back 89 percent of the amount originally invested in buying the team.
Speaking on the occasion, Jinal Mehta, Director, Torrent Group, said, “With the acquisition of a majority stake in the Gujarat Titans, we are excited to have the opportunity to elevate our fan experience and unlock new growth avenues in the years to come.”
Siddharth Patel, Managing Partner at CVC, commented:”We are excited to announce this deal, which marks the beginning of a new chapter in India’s most popular sporting event and our team Gujarat Titans.
“Our participation in Indian Cricket started strongly, securing the Gujarat franchise, winning the IPL title in our first season and emerging as runners up in our second season.”
