The much-talked-about transfer of ownership of Gujarat Titans has been formally confirmed. The Ahmedabad-based conglomerate, the Torrent Group, has gained majority control of the franchise with a 67% stake in the 2022 champions of the Indian Premier League.
Torrent's holding company, Torrent Investments Private Limited, secured the controlling equity from Irelia Company Pte Ltd. The latter is owned by funds managed by CVC Capital Partners, a global private equity and investment firm. It is to be noted that CVC Capital Partners had purchased the Titans for INR 5,625 crore in 2022. Meanwhile, the valuation and the deal amount has not been disclosed.
"The transaction is subject to customary closing conditions and approvals (including from the BCCI). This strategic partnership between one of India's leading Business Groups and a globally renowned Private Equity firm, is the first of its kind in India's sports sector and will unlock exciting opportunities for growth and collaboration," a joint statement released by the companies mentioned, as quoted by Cricbuzz.
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It is a matter of great pride for us to welcome Gujarat Titans: Jinal Mehta
Director of Torrent Group, Jinal Mehta, looked forward to enrich fan engagement and tap into growing possibilities in the future.
"It is a matter of great pride for us to welcome Gujarat Titans and millions of its passionate fans into the Torrent Group. As sports continue to gain prominence in India, Torrent sees great potential in this rapidly growing sector. With the acquisition of a majority stake in Gujarat Titans, we are excited to have the opportunity to elevate our fan experience and unlock new growth avenues in the years to come," stated Mehta.
"We are committed to nurturing Gujarat Titans and creating a lasting legacy for everyone involved - our fanbase, the players, and our employees. With a proven track-record of delivering high-quality products and services across multiple sectors, Torrent is well-positioned to set new standards of excellence in the Sports Industry through the acquisition of Gujarat Titans," he added.
Torrent Group commands a notable standing in sectors of power generation, transmission and distribution, pharmaceuticals, and City Gas Distribution (CGD). The business giant has a reported revenue of INR 41,000 crore (USD 4.9 billion), and boasts a market cap of approximately INR 2 lakh crore (USD 23 billion).
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