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Torrent Group has acquired 67 per cent (2/third) stake from present house owners CVC.© BCCI
Healthcare main Torrent Group turned the bulk shareholder of Gujarat Titans after buying 67 per cent (2/third) stake from present house owners CVC, the IPL franchise introduced on Wednesday. The transaction is topic to customary closing situations and approvals, together with 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 launch said.
“As part of the deal, Irelia will retain a substantial minority stake of 33% in the franchise,” it additional said.
The CVC in 2021 had purchased the Gujarat franchise for Rs 5,625 crore and by the way Torrent was one of many bidders.
The present valuation of GT is believed to be INR 7500 crore and as per IPL sources, Torrent has paid one thing to the tune of Rs 5025 crore to amass two-third stake.
The deal is a win-win state of affairs for each as CVC has not solely retained one-third share but additionally acquired again 89 p.c of the quantity initially invested in shopping for the workforce.
Talking on the event, Jinal Mehta, Director, Torrent Group, stated, “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.” Siddharth Patel, Managing Companion 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 began strongly, securing the Gujarat franchise, profitable the IPL title in our first season and rising as runners up in our second season.”
(This story has not been edited by NDTV workers and is auto-generated from a syndicated feed.)
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