Gujarat Titans, the former IPL champions, will now have new ownership as Torrent Group, an Indian business conglomerate, is to buy a majority of the shares of the franchise.
The Ahmedabad-based conglomerate will purchase a 67 per cent stake in the team from CVC Capital Partners (Irelia Company Pvt Ltd), who had bought the team back in 2021.
The deal awaits final endorsements from the IPL governing council, which will empower Torrent Group to take control a few months before the start of the IPL season, scheduled for March 21.
“Talks of Torrent Group acquiring two-thirds ownership (67 per cent) are very close to finalization. CVC group was locked in as the sole owner until February 2025, after which they could sell the stakes,” an IPL source told PTI on condition of anonymity.
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“The Torrent group is one of the biggest names in the pharmaceutical sector in India and had shown an interest when the BCCI invited bids for two new franchises in 2021. Obviously, a change in ownership requires approval from the board, which is expected to come in the next few days,” he added.
While the valuation of the stake being sold by CVC remains unconfirmed, in 2021, the global private equity firm invested Rs 5,625 crore to acquire ownership of the Titans.
The team won the title in 2022 under the leadership of Hardik Pandya and later finished as runners-up in 2023. Shubman Gill now leads the team and, during the previous season, the Shubman Gill-led team was at the eighth position.
Other star players in the team include Afghanistan spinner Rashid Khan and England white-ball captain Jos Buttler, as well as Indian pacer Mohammed Siraj.
Torrent Group has a valuation of Rs 41,000 crore and has tried to get its foot into the cricketing arena.
In two years, Torrent Sports Ventures Private Limited even bid for one of the three cities open to auction in the inaugural Women Premier League (WPL). Previously, in its bid for the Ahmedabad (Rs 4,653 crore) and Lucknow (Rs 4,356 crore) franchises in 2021, the company had participated through its subsidiary when the BCCI auctioned the two new teams.
Two years later, a similar attempt by the group made in its bid to acquire one of the three auctioned cities for a debut Women’s Premier League (WPL) was futile.
