Diversified conglomerate Torrent Group with companies in healthcare and power sectors introduced that it has efficiently accomplished the acquisition of a 67 per cent majority stake in Indian Premier League (IPL) franchise Gujarat Titans.
Torrent will purchase the stake in Gujarat Titans from Irelia Firm after it receives the required approvals.
In the meantime, reviews acknowledged that the Board of Management for Cricket in India (BCCI) whose approval was crucial for the deal to comply with by means of has given its nod.
Torrent and Irelia had introduced the signing of the definitive agreements on February 12, topic to customary closing situations and approvals. As these situations have been fulfilled, the acquisition has now efficiently accomplished.
Irelia will proceed to carry a minority stake of 33 per cent in Gujarat Titans, one of many youngest franchises within the IPL. It’s led by captain Shubman Gill and is coached by Ashish Nehra. The Gujarat Titans received the IPL title of their debut season, and completed runners-up within the following season.
The franchise is predicted to learn from Torrent’s in depth experience in constructing and managing large-scale companies. The acquisition comes as Torrent goals to diversify its enterprise pursuits whereas additionally supporting the Indian sports activities ecosystem.
The Torrent Group, with revenues of over Rs 41,000 crore and a market capitalisation of Rs 2 lakh crore, is a key participant in prescribed drugs, energy era, transmission and distribution, and metropolis gasoline distribution. It employs over 25,000 folks throughout India in addition to internationally.
