NEW DELHI: Torrent Group, a diversified conglomerate with interests in Healthcare and Energy, has announced its acquisition of a 67% majority stake in the Gujarat Titans, a prominent Indian Premier League (IPL) franchise.
The deal, which is subject to customary closing conditions and approvals, including from the Board of Control for Cricket in India (BCCI), is set to revolutionize the Indian sports landscape.
The acquisition is being carried out through Torrentโs holding company, Torrent Investments Private Limited (TIPL), from Irelia Company Pte Ltd, currently fully owned by funds managed or advised by CVC.
Irelia will retain a 33% minority stake in the franchise.
This deal marks a historic moment as it is the first-ever strategic partnership between a leading Indian business group and a globally renowned private equity firm in the sports sector.
It is expected to unlock exciting new opportunities for growth and collaboration in the rapidly expanding sports market in India.
Jinal Mehta, Director of Torrent Group, expressed his enthusiasm about the acquisition, stating, โWe are proud to welcome Gujarat Titans and their passionate fanbase into the Torrent Group. As sports continue to grow in prominence in India, we see immense potential in this sector. With our majority stake in Gujarat Titans, we are excited to enhance the fan experience and unlock new avenues of growth. We are committed to building a lasting legacy for everyone involvedโour fans, the players, and our employees.โ
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Siddharth Patel, Managing Partner at CVC, shared his excitement about the new partnership: โThis deal marks the beginning of a new chapter for the Gujarat Titans. Our journey in Indian cricket has been remarkable, from securing the Gujarat franchise to winning the IPL title in our inaugural season and becoming runners-up in our second season. We are delighted to partner with Torrent, a respected name in Indian business, and look forward to furthering the growth of Gujarat Titans and the IPL.โ
Nick Clarry, Managing Partner at CVC, added, โCVC has a long history of investment in sports, including MotoGP and Formula One. We are incredibly proud of the success that Gujarat Titans has achieved and would like to thank our fans, management team, players, and the BCCI. With Torrentโs support, we anticipate even greater success in the future.โ
The Gujarat Titans, founded in 2022, are one of the youngest teams in the IPL but have quickly made a name for themselves by winning the IPL title in their first season. They became only the second team in IPL history to achieve such a feat.
The team, led by Shubman Gill and coached by Ashish Nehra, plays its home matches at the worldโs largest cricket stadium, the Narendra Modi Stadium in Motera, Ahmedabad.
Torrent Group, with revenues exceeding INR 41,000 Crores (approx. USD 4.9 billion) and a market capitalization of INR 2 lakh crore (approx. USD 23 billion), has a strong presence in pharmaceuticals, power generation, transmission and distribution, and city gas distribution (CGD).
The group is also making plans to enter the electrical and diagnostics sectors.
With over 25,000 employees globally, Torrent Group continues to grow its presence across diverse industries.
CVC is a leading global private markets manager, managing approximately โฌ191 billion in assets with a network of 30 office locations worldwide.
CVCโs funds have secured commitments of โฌ249 billion from institutional investors and are invested in around 140 companies globally, employing over 580,000 people.
Founded in 2022, Gujarat Titans are one of the newest franchises in the Indian Premier League.
Based in Ahmedabad, the team has quickly gained popularity, winning the IPL title in their inaugural season.
The franchise plays its home games at the Narendra Modi Stadium, the largest cricket stadium in the world. give paraphrases after each sentence
