The Torrent Group, an Indian corporate behemoth, plans to purchase a majority share in the IPL franchise Gujarat Titans (GT) before IPL 2025.  

The Ahmedabad-based conglomerate will acquire a 67% share in the squad from CVC Capital Partners (Irelia Company Pvt Ltd), who bought it in 2021. The arrangement is pending final approval from the IPL governing council, allowing Torrent Group to take control ahead of the 2019 season, which begins on March 21.

"The talks of Torrent Group taking two-thirds ownership (67 percent) 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.

Torrent gGroupis one of the biggest names in the Pharmaceutical sector in India and in 2021 when BCCI invited bids for two new teams, they showed active interest. Obviously, any change in ownership pattern requires approval from BCCI which is expected to be given in coming days,” an IPL source told PTI.

While the value of the stock being sold by CVC is unknown, the global private equity group spent Rs 5,625 crore to acquire the Titans in 2021.

Hardik Pandya led the team to victory in 2022 before finishing second in 2023. However, last season, the Shubman Gill-led team finished seventh. Aside from Gill, other significant members of the team include Afghanistan spinner Rashid Khan, England white-ball captain Jos Buttler, and India pacer Mohammed Siraj.

Torrent Group, which has a valuation of around Rs 41,000 crore, has been attempting to break into the cricketing market. Torrent Sports Ventures Private Limited had earlier bid for the Ahmedabad (Rs 4,653 crore) and Lucknow (Rs 4,356 crore) franchises in the BCCI's 2021 auction for two new teams.

Two years later, the organization made an unsuccessful attempt to get one of the three cities available in the first Women's Premier League (WPL).

(PTI inputs)