Torrent Group Set to Take Majority Stake in Gujarat Titans
Torrent Group, a prominent Indian business conglomerate headquartered in Ahmedabad, is on track to acquire a majority stake in the Gujarat Titans (GT), the 2022 Indian Premier League (IPL) champions. According to sources close to ESPNcricinfo, Torrent will be purchasing a 67% stake from CVC Capital Partners (Irelia Company Pte Ltd), the current owners who initially bought the franchise in 2021. While the exact valuation of the stake being divested by CVC remains undisclosed, the IPL is in the process of finalizing the paperwork, and the transaction is expected to receive the green light from the league’s governing council. If all goes as planned, Torrent Group could take over the reins by the 2025 season, which is scheduled to commence on March 21.
History of Gujarat Titans’ Ownership
CVC Capital Partners, a global private equity firm, made headlines when they paid a staggering INR 5625 crore (approximately US$750 million) for the Gujarat Titans in 2021. The franchise’s inaugural season in 2022 was nothing short of phenomenal, as they clinched the IPL title in their first year. This achievement was followed by another impressive run in 2023, where they reached the final. However, performance tapered off in 2024, with the team finishing eighth. Despite these ups and downs, the Gujarat Titans have established themselves as a formidable presence in the IPL, playing their home games at the Narendra Modi Stadium, the world’s largest cricket stadium with a seating capacity of over 100,000.
Torrent Group’s Previous Attempts in the IPL
Torrent Group has shown a keen interest in the Indian Premier League over the years. In 2021, during the walk-in auction conducted by the Board of Control for Cricket in India (BCCI) to add two new franchises to the original eight, Torrent Group’s subsidiary, Torrent Sports Ventures Private Limited, was among the final nine bidders. The group placed substantial bids for both Ahmedabad (INR 4653 crore) and Lucknow (INR 4356 crore), but Ahmedabad and Lucknow were eventually won by other bidders. Torrent’s pursuit of a cricket franchise did not end there. In 2023, they tried their luck again, placing unsuccessful bids for three out of the ten cities put up for auction by the BCCI to launch the Women’s Premier League (WPL). Despite these setbacks, Torrent’s perseverance and strategic financial position have now positioned them to take a significant step in the cricket world.
Torrent Group’s Diverse Portfolio
Torrent Group is a powerhouse in the Indian business landscape, boasting a valuation of approximately INR 41,000 crore. The conglomerate is led by two prominent subsidiaries: Torrent Power and Torrent Pharma. Torrent Power operates in the energy sector, focusing on power generation, transmission, and distribution, while Torrent Pharma is a leading pharmaceutical company with a strong presence in both domestic and international markets. The group’s decision to enter the cricket domain signals a strategic move to diversify its investments and tap into the immense popularity and financial potential of the IPL. It is expected that Jinal Mehta, the son of Torrent Group’s chairman emeritus Sudhir Mehta, will spearhead the IPL investment, bringing fresh perspectives and innovative ideas to the management of the Gujarat Titans.
CVC Capital Partners’ Journey in Cricket
CVC Capital Partners’ investment in the Gujarat Titans marked their first successful foray into cricket. The global fund manager, known for its extensive portfolio and offices worldwide, had previously attempted to enter the cricket franchise market in 2018. At that time, they bid for the Delhi Capitals franchise after the GMR Group divested its stake, but the franchise was ultimately acquired by Jindal South West (JSW) for around INR 550 crore. CVC’s experience with the Delhi Capitals bid and subsequent successful acquisition of the Gujarat Titans highlights their strategic approach and deep pockets in the sports investment arena. Their management of the Gujarat Titans over the past few years has seen the team become a strong competitor in the IPL, and this foundation will likely benefit Torrent Group as they assume control.
Gujarat Titans’ Current Squad and Future Prospects
Under CVC’s ownership, the Gujarat Titans have assembled a talented and diverse squad. The team is led by the young and dynamic Indian batter Shubman Gill, whose leadership has been instrumental in their early success. The roster also includes the Afghan spinner Rashid Khan, one of the most consistent performers in T20 cricket; Jos Buttler, the all-round talent and white-ball captain of England; and the Indian fast bowler Mohammed Siraj, known for his electrifying pace and accuracy. These players, along with a robust support staff and management, have laid a solid foundation for the team. With Torrent Group’s financial muscle and strategic vision, the Gujarat Titans are poised to build on their achievements and potentially secure more titles in the coming years. The transition of ownership, if finalized, will not only bring a new level of professionalism and management to the franchise but also inject a renewed sense of excitement among fans and stakeholders.
