Torrent Group, an Indian business conglomerate with headquarters in Ahmedabad, is set to buy a majority stake in 2022 IPL champions Gujarat Titans (GT). ESPNcricinfo has learned that Torrent will buy a 67% stake in GT from CVC Capital Partners (Irelia Company Pte Ltd), who bought the franchise in 2021.
At the moment, further details, including the valuation of the stake divested by CVC, could not be confirmed. It is understood the IPL is processing the paperwork before a final nod is given by the league’s governing council. Subject to the final approval, GT’s new owners could likely be involved from the 2025 season, which starts on March 21.
CVC, a global private equity fund, had paid INR 5625 crore (US$ 750 million approx.) in 2021 to buy GT, who won the IPL in their first season (2022), made the final the following year (2023) and finished eighth in 2024. GT’s home base is the Narendra Modi Stadium, the world’s largest cricket stadium with a capacity of over 100,000.
The bidders then could bid for six cities, which included Indore, Dharamsala, Guwahati and Cuttack along with Ahmedabad and Lucknow, the eventual winners. Torrent bid for Ahmedabad (INR 4653 cr) and Lucknow (INR 4356 cr). In 2023, Torrent bid unsuccessfully for three of the ten cities put up for bidding by the BCCI to start the five-team WPL.
As per the company’s website, Torrent Group has a valuation of about INR 41,000 crore and is among one of the top multinational companies in India, spearheaded by two prominent subsidiaries: Torrent Power and Torrent Pharma. It is understood that Jinal Mehta, the son of the Torrent Group chairman emeritus Sudhir Mehta, will oversee the IPL investment.
GT are led by India batter Shubman Gill and also have Afghanistan spinner Rashid Khan, England white-ball captain Jos Buttler and India fast bowler Mohammed Siraj among others.
Content Source: www.espncricinfo.com