Torrent Group reaches agreement to acquire majority stake in Gujarat Titans: Report
Adani Group was also reportedly in the run to acquire a share in the IPL team, but backed off, paving the way for Torrent
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Published: Sep 14, 2024 9:22 AM | 1 min read
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Torrent Group, an Indian multinational conglomerate based in Ahmedabad, has reportedly reached an understanding with private equity firm CVC Capital Partners to acquire a majority stake in the IPL team Gujarat Titans, reportedly valued at over $1 billion.
The news report said that Adani Group was also in the run to acquire a share in the IPL team, but backed off, paving the way for Torrent.
The report quoted a person privy to the matter, stating that Torrent and CVC have a “gentleman’s agreement” in place since a formal deal can be inked only after the lock-in period ends.
The news also noted that while Torrent Group will likely acquire a majority stake in Gujarat Titans, CVC could retain a significant share of the pie.
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