Torrent Group buys 67% stake in IPL team Gujarat Titans, amount undisclosed

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Torrent Group buys 67% stake in IPL team Gujarat Titans, amount undisclosed - Business Standard

Quick Summary:

Torrent Group "through its holding company Torrent Investments Private Limited (TIPL) has entered into a definitive agreement to acquire a majority stake of 67 per cent in the renowned Indian Premier League (IPL) franchise, Gujarat Titans", it said in a statement.

Healthcare and energy conglomerate Torrent Group on Wednesday announced the acquisition of a majority stake in IPL franchisee, Gujarat Titans, for an undisclosed sum, marking the Ahmedabad-based firm's foray into the sports sector.

The conglomerate is buying a majority stake in Gujarat Titans (Irelia Sports India Private Limited) from Irelia Company Pte Ltd currently fully owned by funds managed or advised by CVC.