While the valuation of the stake being sold by CVC remains unconfirmed, the global private equity firm had invested Rs 5,625 crore to acquire the Titans in 2021
Gujarat Titans celebrating during the match. Pic/AFP
Former IPL champions Gujarat Titans are set to have new owners as Indian business conglomerate, the Torrent Group, is in line to acquire a majority stake in the franchise.
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The Ahmedabad-based conglomerate will purchase a 67 per cent stake in the team from CVC Capital Partners (Irelia Company Pvt Ltd), who had bought the team in 2021.
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The deal is awaiting final approval from the IPL governing council, which would allow Torrent Group to 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.
While the valuation of the stake being sold by CVC remains unconfirmed, the global private equity firm had invested Rs 5,625 crore to acquire the Titans in 2021.
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