Ahmedabad: Torrent Group (“Torrent”), a diversified conglomerate with interests in healthcare and energy, has announced that it will acquire a majority stake of 67% in the renowned Indian Premier League (IPL) franchise, Gujarat Titans. The acquisition will be made through Torrent’s holding company, Torrent Investments Private Limited (TIPL), from Irelia Company Pte Ltd, which is currently fully owned by funds managed or advised by global private equity firm CVC. The deal, which is subject to customary closing conditions and approvals, including from the Board of Control for Cricket in India (BCCI), marks a significant milestone for both parties.
As part of the agreement, Irelia will retain a substantial minority stake of 33% in Gujarat Titans. This strategic partnership between one of India’s leading business groups and a globally recognized private equity firm represents a groundbreaking move in India’s rapidly growing sports sector. The deal is expected to unlock numerous growth opportunities and pave the way for exciting collaborations in the years to come.
Jinal Mehta, Director of Torrent Group, shared, “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 continues to gain prominence in India, Torrent sees immense potential in this rapidly growing sector. With the acquisition of a majority stake in Gujarat Titans, we are excited about the opportunity to elevate the fan experience and unlock new growth avenues in the years ahead. We are committed to nurturing the Gujarat Titans team and creating a lasting legacy for everyone involved – our fanbase, players, and 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.”
Siddharth Patel, Managing Partner at CVC, commented, “We are excited to announce this deal, which marks the beginning of a new chapter for India’s most popular sporting event and our team, Gujarat Titans. Our participation in Indian cricket started strongly with the acquisition of the Gujarat franchise, winning the IPL title in our first season, and emerging as runners-up in our second season.”
Amit Soni, Partner at CVC, added, “We are delighted to partner with Torrent, one of the most respected business groups in India. We are pleased to welcome the Torrent Group and look forward to unlocking new avenues for growth and development for Gujarat Titans and the IPL in the years to come.”
Nick Clarry, Managing Partner at CVC, said, “CVC has a long history of investment in sports, with past investments in MotoGP and Formula One, and we are extremely proud of how this investment in Gujarat Titans has developed. We particularly want to thank our fans, our management team, our players, and the BCCI. Because of them, Gujarat Titans has become a leading franchise on and off the pitch, and together with the support of our wonderful fans, we expect this success to accelerate with our new partners, Torrent.”
