Healthcare major Torrent Group became the majority shareholder of Gujarat Titans after acquiring 67 percent (2/3rd) stake from current owners CVC, the IPL franchise announced on Wednesday.
The transaction is subject to customary closing conditions and approvals, including from the BCCI.
"Torrent Group has entered into a definitive agreement to acquire majority stake of 67% in the renowned Indian Premier League (IPL) franchise, Gujarat Titans (Irelia Sports India Private Limited) from Irelia Company Pte Ltd (“Irelia”) – currently fully owned by funds managed or advised by CVC," the press release stated.
"As part of the deal, Irelia will retain a substantial minority stake of 33% in the franchise," it further stated.
CVC had paid Rs 5625 crore to buy Gujarat Titans in 2021. They went on to win the IPL 2022 title in their debut
Siddharth Patel, Managing Partner at CVC, commented: "We are excited to announce this deal, which marks the beginning of a new chapter in India's most popular sporting event and our team Gujarat Titans.
"Our participation in Indian Cricket started strongly, securing the Gujarat franchise, winning the IPL title in our first season and emerging as runners up in our second season."