Ahmedabad: Former champions of the Indian Premier League (IPL), Gujarat Titans, are set for a change in ownership, according to sources privy to the development. The homegrown diversified conglomerate, Torrent Group, is set to acquire a majority 67% stake from the team’s current owners, CVC Capital Partners (CVC), the sources revealed. Torrent Group is likely to take charge of the team this March.
CVC secured the team’s franchise in 2021 and invested $475 million (Rs 5,625 crore approx). Torrent’s fresh deal is currently pending final approvals from the IPL governing council. Executives of Torrent Group refused to offer any comments on the story.
The Gujarat Titans had won the IPL in its debut year of 2022. Currently, the key players in the squad include Afghanistan’s Rashid Khan, England’s white-ball captain Jos Buttler and Indian pacer Mohammed Siraj.
“The negotiations for Torrent Group to acquire a two-thirds stake (67%) in Gujarat Titans are in the final stages. CVC’s lock-in period as sole owners ends in Feb 2025, after which they are free to divest their holdings. Any change in ownership structure requires Board of Control for Cricket in India (BCCI)’s approval, which is anticipated in the coming days,” an IPL source told PTI on condition of anonymity.
With leading businesses in the pharmaceuticals and power sectors, Torrent Group previously expressed interest in 2021 when the BCCI invited bids for the two new teams.
A key player in India’s pharmaceutical industry, Torrent Group previously expressed interest when the BCCI invited bids for two new teams in 2021.
Torrent Group, valued at approximately Rs 41,000 crore, has been seeking an entry into cricket. Through its subsidiary Torrent Sports Ventures Private Limited, it previously bid Rs 4,653 crore for the Ahmedabad franchise and Rs 4,356 crore for the Lucknow franchise in 2021. The company also attempted to secure a franchise in the inaugural Women’s Premier League (WPL) but was unsuccessful.
With agency inputs