Based in Ahmedabad, Indian conglomerate Torrent Group has announced its acquisition of a 67% stake in the Gujarat Titans (GT), who were crowned champions of the 2022 IPL. This majority share was previously held by CVC Capital Partners (Irelia Company Pte Ltd) after their purchase of the franchise last year.
Currently, additional information such as the exact value of the share sold by CVC cannot be verified. The paperwork is being handled by the IPL and the league’s governing council must give their final approval. If all goes well, GT’s new owners may join in for the 2025 season, which commences on March 21st.
CVC, a global private equity fund, spent INR 5625 crore (US$ 750 million approx.) in 2021 to acquire GT. The team achieved great success in their first season (2022) by winning the IPL and made it to the final the next year (2023). However, they faced a decline and finished eighth in 2024. GT’s home ground is none other than the Narendra Modi Stadium, renowned as the largest cricket stadium globally with a capacity of over 100,000.
Afterward, the bidders had the opportunity to bid for six cities: Indore, Dharamsala, Guwahati, Cuttack, Ahmedabad, and Lucknow – the eventual winners. Torrent placed bids of INR 4653 cr for Ahmedabad and INR 4356 cr for Lucknow. However, in 2023, Torrent made unsuccessful bids for three out of the ten cities that BCCI put up for bidding to launch the five-team WPL.
According to the company’s official site, Torrent Group holds a value of approximately INR 41,000 crore and ranks among the leading multinational corporations in India. This conglomerate is led by two notable divisions: Torrent Power and Torrent Pharma. It has been confirmed that Jinal Mehta, director of the group, will be supervising the IPL investment.
CVC’s initial venture into cricket proved to be a triumph with their investment in GT. The well-known global fund manager, with a widespread presence, had previously attempted to acquire Delhi Capitals in 2018 when the GMR Group sold their share in the franchise. However, Jindal South West (JSW) ultimately purchased it for approximately INR 550 crore.
Guided by Indian batsman Shubman Gill, Global Team (GT) is also comprised of Afghanistan spinner Rashid Khan, England’s leader in white-ball cricket Jos Buttler, and the talented Indian pace bowler Mohammed Siraj, among other notable players.
