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Torrent Group on Monday said that it has successfully completed the acquisition of a 67 per cent majority stake in the Indian Premier League (IPL) franchise Gujarat Titans (Irelia Sports India Private Limited) from Irelia Company Pte Ltd (Irelia), following the receipt of all necessary approvals, including from the Board of Control for Cricket in India (BCCI).
On February 12, Torrent and Irelia had announced the signing of definitive agreements for this transaction, subject to customary closing conditions and approvals. “With the fulfillment of these conditions, the acquisition has now been successfully completed. As part of the transaction, Irelia, managed by funds advised by CVC, will continue to hold a substantial minority stake of 33 per cent, maintaining its association with the franchise,” Torrent stated in a release.
“With a focus on strengthening team operations, fan engagement, and commercial growth, the acquisition sets the stage for an exciting future for the franchise.
This milestone underscores Torrent Group’s commitment to diversifying its business interests while supporting India’s booming sports ecosystem.” the release added.
