Ahmedabad-based Torrent Group is set to pick a majority stake in Indian Premier League (IPL) franchise, Gujarat Titans. The group will purchase a 67 per cent stake in the team from CVC Capital Partners.Â
CVC had bought the team in 2021 for Rs 5,625 crore in 2021. Torrent Group, through its subsidiary, Torrent Sports Ventures, had previously bid for Ahmedabad  (Rs 4,653 crore) and Lucknow (Rs 4,356 crore) in 2021. It had later made an unsuccessful attempt to acquire one of the three teams up for grabs in the inaugural Women’s Premier League (WPL).
The Torrent-CVC deal is now awaiting approval from the IPL governing body. It could take control ahead of the upcoming season which will begin on March 21.
“The talks of Torrent Group taking two third ownership (67 per cent) is at an advanced stage. The lock-in period for CVC group as sole owners ends in February 2025 after which they are free to sell the stakes,” an IPL source told PTI
The source said that Torrent, one of the biggest names in the pharmaceutical sector, had shown interest when BCCI invited bids for two new teams. The deal would need BCCI’s approval, which is expected to be given in the coming days.Â
Gujarat Titans had bagged the title in 2022 under Hardik Pandya, and were the runner-up in 2023. Under Shubman Gill, the team finished eighth last year. Apart from Gill, Afghanistan spinner Rashid Khan, England white-ball captain Jos Buttler, and India pacer Mohammed Siraj are also part of the Gujarat Titans.
(With PTI inputs)