Ahmedabad-based Torrent Group on Wednesday announced an agreement to acquire 67% stake in Indian Premier League (IPL) franchise, Gujarat Titans from Irelia Company Pte, owned by CVC Capital Partners. The billionaire Mehta family-owned group will purchase the 67% stake for Rs 5,000 crore, giving the franchise a total valuation of Rs 7,453 crore, sources in the know said. In 2021, CVC Capital had acquired Gujarat Titans for Rs 5,625 crore.
Torrent Group through its holding company Torrent Investments Private Limited (TIPL) has entered into a definitive agreement to acquire a majority stake in Gujarat Titans, the statement by the group said.
Irelia Company Pte will retain a minority stake of 33% in the franchise as part of the deal, the Torrent Group said.
The transaction is subject to customary closing conditions and approvals (including from BCCI), it said.
Jinal Mehta, director, Torrent Group, said, “As sports continues to gain prominence in India, Torrent sees great potential in this rapidly growing sector. 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, said: “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.”