Torrent Group to acquire majority stake in Gujarat Titans: Details
What's the story
The Torrent Group, a leading Indian business conglomerate, is set to acquire a controlling stake in the Indian Premier League (IPL) franchise, Gujarat Titans. The Ahmedabad-based group intends to purchase a 67% stake from CVC Capital Partners (Irelia Company Pvt Ltd), who bought the side in 2021. The IPL governing council is yet to give the final approval. Notably, GT won the tournament in their first-ever attempt.
Ownership change
Torrent Group's acquisition discussions in advanced stage
An IPL source informed PTI about the talks of Torrent Group buying a two-third stake (67%). The source added that any change in the ownership pattern needs the BCCI's approval, which is likely to be granted in the coming days. This change could see Torrent Group take over before the new season begins on March 21.
Past bids
Previous attempts in cricketing domain
Valued at ₹41,000 crore, the Torrent Group has been attempting to make its mark in the cricketing sector. In 2021, it bid for the Ahmedabad (₹4,653 crore) and Lucknow (₹4,356 crore) franchises via Torrent Sports Ventures Private Limited. The group also tried to buy one of three cities in the inaugural Women's Premier League (WPL) edition two years later but failed.
Team performance
Gujarat Titans: IPL 2022 champions
Under Hardik Pandya's captaincy, Gujarat Titans won the title in 2022, their debut season, and finished as the runners-up in 2023. Shubman Gill replaced Pandya as GT's skipper last year. The team finished in eighth place last season. GT's roster features prominent players like Rashid Khan, Jos Buttler, and Mohammed Siraj among others.