Picture Credit: BCCI/IPL
With the 18th edition of Indian Premier League (IPL) set to get underway from March 21, one of the ten franchises, Gujarat Titans are all set to get new owners after they offered to sell majority stake. The former IPL champions are looking to get new owners in Torrent Group. The Ahmedabad-based conglomerate are reportedly eyeing to purchase 67 per cent stake in the team, which is owned by CVC Capital Partners (Irelia Company Pvt Ltd).
Notably, the CVC Capital Partners had bought the team in 2021. Although the Gujarat-based lifted the title in its inaugural edition in 2022 and then finished as runners-up in the following edition in 2023. Although, the talks around Gujarat Titans selling majority stake has been long in the news, but it is likely to come to reality ahead of the upcoming season.
Torrent Group set to acquire majority stake in Gujarat Titans: Reports
According to reports, the deal is awaiting final approval from the IPL governing council. "The talks of Torrent Group taking two third ownership (67 per cent) is at an advanced stage. The lock-in period for CVC group as sole owners ends in February 2025 after which they are free to sell the stakes," an IPL source told PTI on conditions of anonymity.
The valuation of the stake being sold by CVC Capitals remains unconfirmed at the moment, but they had initially invested INR 5,625 Crore to acquire the Titans in 2021, outbidding Adani Group as well as Torrent Group. Speaking of the Torrent Group, which boasts a valuation of approximately INR 41,000 Crore, has been the biggest names in pharmaceutical sector.
The IPL source further added, "in 2021 when BCCI invited bids for two new teams, they had shown active interest. Obviously any change in ownership pattern requires approval from BCCI which is expected to be given in coming days."The final agreement is expected to be signed in the coming days after the ownership lock-in period for CVC expired on February 10.
