Torrent Group buys 67% stake in IPL crew Gujarat Titans
Healthcare and power conglomerate Torrent Group on Wednesday introduced an settlement to amass 67% stake in Indian Premier League (IPL) franchise, Gujarat Titans from Irelia Firm Pte Ltd for an undisclosed quantity.
Torrent Group “via its holding firm Torrent Investments Non-public Restricted (TIPL) has entered right into a definitive settlement to amass a majority stake of 67 per cent within the famend Indian Premier League (IPL) franchise, Gujarat Titans,” it mentioned in an announcement.
Irelia Firm Pte Ltd, which is at the moment owned by funds managed or suggested by CVC, will retain a considerable minority stake of 33% within the franchise as a part of the deal, the Torrent Group mentioned in an announcement
The transaction is topic to customary closing situations and approvals (together with from BCCI), it mentioned.
This strategic partnership between one among India’s main enterprise teams and a globally famend non-public fairness agency, is the primary of its form in India’s sports activities sector and can unlock thrilling alternatives for development and collaboration, the corporate mentioned in an announcement.
Jinal Mehta, director, Torrent Group, mentioned, “It’s a matter of nice satisfaction for us to welcome Gujarat Titans and thousands and thousands of its passionate followers into the Torrent Group. As sports activities continues to achieve prominence in India, Torrent sees nice potential on this quickly rising sector. With the acquisition of a majority stake within the Gujarat Titans, we’re excited to have the chance to raise our fan expertise and unlock new development avenues within the years to come back. We’re dedicated to nurturing the Gujarat Titans crew and creating a long-lasting legacy for everybody concerned – our fanbase, the gamers and our workers”.
Siddharth Patel, managing companion at CVC, mentioned: “We’re excited to announce this deal, which marks the start of a brand new chapter in India’s hottest sporting occasion and our crew Gujarat Titans. Our participation in Indian Cricket began strongly, securing the Gujarat franchise, successful the IPL title in our first season and rising as runners up in our second season.”
Based in 2022, Gujarat Titans is without doubt one of the youngest cricket franchises within the IPL. Gujarat Titans, based mostly in Ahmedabad, is led by Shubman Gill and coached by Ashish Nehra. The Titans received their inaugural 2022 season of Tata IPL, turning into solely the second crew within the historical past to take action.
Nick Clarry, managing companion at CVC, mentioned, “CVC has a protracted historical past of funding in sports activities since our investments in Moto GP and Formulation One, and we’re extraordinarily happy with how this funding in Gujarat Titans has developed.”
