Ahmedabad-based healthcare and energy conglomerate Torrent Group has entered the sports sector with a significant acquisition. The company announced on Wednesday that it has acquired a 67% majority stake in IPL franchise Gujarat Titans through its holding company, Torrent Investments Private Limited (TIPL).
This strategic move sees Torrent Group acquiring the stake from Irelia Company Pte Ltd, which is currently fully owned by funds managed or advised by CVC Capital Partners. The remaining 33% minority stake in Gujarat Titans will continue to be held by Irelia.
The acquisition is subject to customary approvals, including clearance from the Board of Control for Cricket in India (BCCI). This marks Torrent Group’s debut in India’s booming sports industry, leveraging the growing popularity of cricket and the Indian Premier League (IPL).
Gujarat Titans, the 2022 IPL champions, have rapidly established themselves as a formidable force in the tournament. With Torrent Group’s expertise and financial backing, the franchise is poised for further growth and success.
