NEW DELHI, Feb 12: Healthcare and energy conglomerate Torrent Group on Wednesday announced the acquisition of a majority stake in IPL franchisee, Gujarat Titans, for an undisclosed sum, marking the Ahmedabad-based firm’s foray into the sports sector.
Torrent Group “through its holding company Torrent Investments Private Limited (TIPL) has entered into a definitive agreement to acquire a majority stake of 67 per cent in the renowned Indian Premier League (IPL) franchise, Gujarat Titans”, it said in a statement.
The conglomerate is buying a majority stake in Gujarat Titans (Irelia Sports India Private Limited) from Irelia Company Pte Ltd – currently fully owned by funds managed or advised by CVC.
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The transaction is subject to customary closing conditions and approvals (including from BCCI).
As part of the deal, Irelia will retain a substantial minority stake of 33 per cent in the franchise. The acquisition marks Torrent Group’s foray into India’s rapidly growing sports sector.
Speaking on the occasion, Jinal Mehta, Director, of Torrent Group, said, “As sports continues to gain prominence in India, Torrent sees great potential in this rapidly growing sector. With the acquisition of a majority stake in the Gujarat Titans, we are excited to have the opportunity to elevate our fan experience and unlock new growth avenues in the years to come.”
Torrent, he said, is “committed to nurturing the Gujarat Titans team and creating a lasting legacy for everyone involved – our fanbase, the players and our employees.”
He touted Torrent’s track record of delivering high-quality products and services across multiple sectors to say the group is well-positioned to set new standards of excellence in the sports industry through this acquisition.
Siddharth Patel, Managing Partner at CVC, commented: “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”.
Nick Clarry, Managing Partner at CVC, said, “CVC has a long history of investment in sports since our 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 to accelerate with our new partners, Torrent”. (PTI)
