Adani Group and Torrent Group are in talks with CVC Capital Partners. They want to buy most of the IPL team Gujarat Titans. CVC Capital Partners may keep a minority stake.
Adani Group and Torrent Group are talking with CVC Capital Partners. CVC is a private equity firm. They wish to acquire a controlling stake in the Gujarat Titans, an Indian Premier League (IPL) team.
According to a report by the Economic Times, CVC Capital Partners may sell most of the IPL team. They would retain a minority stake.
The BCCI’s lock-in period will end by February 2025. It stops new teams from selling a stake.
The report said Gujarat Titans could have a value ranging between $1 billion and $1.5 billion. For ₹5,625 crore, CVC Capital Partners purchased the franchise in 2021. The squad was formed three years ago.
Adani and Torrent Compete for Gujarat Titans Ownership as CVC Capital Considers Sale
They missed the chance to own the IPL’s Ahmedabad franchise in 2021. Adani and Torrent vie fiercely for dominance in Gujarat Titans’ ownership. This is a great opportunity for CVC Capital Partners to sell its stake. An official stated this to the report.
“IPL franchises have been attracting many investors. The league has become an attractive asset. It has robust cash flows,” an other official was quoted in the report as adding.
Adani had invested in cricket earlier. They did this by buying teams in the Women’s Premier League (WPL) and the UAE International League T20. In 2023, Adani acquired WPL’s Ahmedabad franchise with a top bid of ₹1,289 crore, according to a Mint report.
Gujarat Titans, an IPL team, is one of the businesses in which CVC Capital Partners has invested. They have invested in hospital chain Healthcare Global, industrial chemicals maker Sajjan India Limited, and data and professional services company UnitedLex.
On May 3, Mint reported that Temasek Holdings, headquartered in Singapore. They may bid for a majority stake of CVC Capital Partners. The stake is 60.4 in Healthcare Global Enterprises Ltd. TPG, Bain Capital, and VPS Healthcare (Burjeel Holdings) are potential investors.
Read Also – Adani plans to invest ₹1.3 lakh crore in its portfolio firms in FY25.
