NEW DELHI: Ahmedabad-based Torrent Group is all set to accumulate round two-third stake of Indian Premier League franchise Gujarat Titans from CVC Capital Companions, an Financial Occasions report stated on Tuesday.
The transaction is anticipated to worth round Rs 7,500 crore ($856 million) with each events at the moment within the strategy of in search of approval from the Board of Management for Cricket in India (BCCI) for the transaction.
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When the deal lastly will get a nod from the BCCI, it’s going to mark the primary majority stake sale of an IPL crew for the reason that event’s inception in 2008.
CVC has additionally agreed to place an possibility for the remaining one-third stake.
The BCCI is anticipated to obtain round 5 p.c of the deal worth, as per unique phrases, the report stated.
The ultimate settlement between Torrent Group and CVC is anticipated to be signed later this week after the possession lock-in interval for CVC expired on February 10.
Each events want to full the deal earlier than the IPL season begins in March.
Torrent promoters will make the funding by Torrent Investments Personal Restricted, their holding firm. The corporate has ample money reserves and has been increasing past its core sectors of prescription drugs and energy.
Torrent Investments established Torrent Sports activities Ventures in 2021 to enter the sports activities sector.
CVC, which holds investments in numerous sports activities properties, acquired the franchise for Rs 5,625 crore ($745 million) in 2021, outbidding each Adani Group and Torrent Group.
The funding was deliberate over a 10-year interval, with CVC investing roughly Rs 1,800 crore so far.
The franchise is at the moment owned by CVC’s Irelia Sports activities India.
Torrent had beforehand bid Rs 4,653 crore for the franchise, whereas the Adani Group provided Rs 5,100 crore.