The long-awaited takeover of Gujarat Titans by Torrent Group is officially complete. The transfer of control from Irelia Sports India Private Limited (CVC Capital) to the Ahmedabad-based Torrent Group has been approved by the Board of Control for Cricket in India (BCCI). Sixty-seven percent of the shares will be owned by the Torrent Group.
The majority ownership has been successfully acquired by the Torrent Group, a diverse conglomerate with interests in the healthcare and energy industries. According to the rules, the BCCI had to approve the ownership transfer, and it is thought that clearance was received just a few days ago. CVC will continue to be associated with the franchise by holding a minority ownership of 33 percent.
It is believed that the sale was finalized at an enterprise valuation of Rs 7522 crore, which means that Torrent paid Rs 5035 crore for the 67 percent interest. The acquisition was completed, according to Torrent, “following the receipt of all necessary approvals, including from the BCCI.” The BCCI is entitled to five percent of each transaction made inside the ownership group, per the terms of the franchise agreement.
The Gujarat Titans franchise was purchased by CVC in 2022 for Rs 5625 crore, meaning that the IPL team’s worth has increased by 1897 crore, or nearly 34%.
After winning the championship in their first season in 2022 and placing second in 2023, the Titans are among the successful teams. The team captained by Shubman Gill finished seventh last season with five victories.
Since CVC, a US private equity firm with its headquarters located in New Jersey, purchased the Titans in 2022, there have been rumors that the Torrent Group will acquire the team. The sale was not made public, nevertheless, because of the original three-year lock-in term that prohibited management transfers. The parties have now publicly declared the change in administration, after the three-year tenure ended last month.
India
