Diversified conglomerate Torrent Group with businesses in healthcare and energy sectors announced that it has successfully completed the acquisition of a 67 per cent majority stake in Indian Premier League (IPL) franchise Gujarat Titans.
Torrent will acquire the stake in Gujarat Titans from Irelia Company after it receives the necessary approvals.
Meanwhile, reports stated that the Board of Control for Cricket in India (BCCI) whose approval was necessary for the deal to follow through has given its nod.
Torrent and Irelia had announced the signing of the definitive agreements on February 12, subject to customary closing conditions and approvals. As these conditions have been fulfilled, the acquisition has now successfully completed.
Irelia will continue to hold a minority stake of 33 per cent in Gujarat Titans, one of the youngest franchises in the IPL. It is led by captain Shubman Gill and is coached by Ashish Nehra. The Gujarat Titans won the IPL title in their debut season, and finished runners-up in the following season.
The franchise is expected to benefit from Torrent’s extensive expertise in building and managing large-scale businesses. The acquisition comes as Torrent aims to diversify its business interests while also supporting the Indian sports ecosystem.
The Torrent Group, with revenues of over Rs 41,000 crore and a market capitalisation of Rs 2 lakh crore, is a key player in pharmaceuticals, power generation, transmission and distribution, and city gas distribution. It employs over 25,000 people across India as well as internationally.