Torrent Group has acquired a majority stake of 67% in Gujarat Titans, becoming the new majority shareholder of the IPL franchise. The deal was announced on Wednesday and is subject to customary approvals, including from the BCCI.
Torrent entered into an agreement to purchase the 67% stake from Irelia Company Pte Ltd, which is managed by CVC. Irelia will retain a 33% minority stake in the franchise. CVC had purchased Gujarat Titans for INR 5625 crore in 2021, and Torrent, one of the previous bidders, paid approximately INR 5025 crore for the two-thirds share.
The current valuation of the Gujarat Titans is around INR 7500 crore. For CVC, the deal not only secures a return of 89% of its initial investment but also ensures its continued involvement with a one-third stake in the team.
Torrent Group’s Director, Jinal Mehta, expressed excitement about enhancing fan experiences and exploring new growth opportunities. CVC’s Managing Partner, Siddharth Patel, highlighted their successful tenure with Gujarat Titans, including winning the IPL title in their first season and finishing as runners-up in the second.