Former IPL champions Gujarat Titans are set to have new homeowners as Indian enterprise conglomerate, the Torrent Group, is in line to accumulate a majority stake within the franchise. The Ahmedabad-based conglomerate will buy a 67 per cent stake within the crew from CVC Capital Companions (Irelia Firm Pvt Ltd), who had purchased the crew in 2021. The deal is awaiting ultimate approval from the IPL governing council, which might permit Torrent Group to take management forward of the upcoming season, which is able to start on March 21.
“The talks of Torrent Group taking two third possession (67 per cent) is at a sophisticated stage. The lock-in interval for CVC group as sole homeowners ends in February 2025 after which they’re free to promote the stakes,” an IPL supply informed PTI on circumstances of anonymity.
“Torrent group is likely one of the largest names in Pharmaceutical sector in India and in 2021 when BCCI invited bids for 2 new groups, they’d proven lively curiosity. Clearly any change in possession sample requires approval from BCCI which is predicted to be given in coming days,” he added.
Whereas the valuation of the stake being bought by CVC stays unconfirmed, the worldwide non-public fairness agency had invested Rs 5,625 crore to accumulate the Titans in 2021.
Underneath the management of Hardik Pandya, the crew clinched the title in 2022 and signed off with a runner-up end in 2023. Nevertheless, within the final season, the Shubman Gill-led facet completed in eighth place.
Aside from Gill, different key gamers within the crew embody Afghanistan spinner Rashid Khan, England white-ball captain Jos Buttler, and India pacer Mohammed Siraj.
Torrent Group, which boasts a valuation of roughly Rs 41,000 crore, has been attempting to make inroads into the cricketing area.
By way of its subsidiary, Torrent Sports activities Ventures Non-public Restricted, it had beforehand bid for the Ahmedabad (Rs 4,653 crore) and Lucknow (Rs 4,356 crore) franchises in 2021, when the BCCI held an public sale for 2 new groups.
Two years later, the group additionally made an unsuccessful try to accumulate one of many three cities up for grabs within the inaugural Girls’s Premier League (WPL).
(Aside from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)
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