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"The discussions regarding Torrent Group acquiring a two-thirds ownership (67 percent) are in advanced stages. The lock-in period for CVC Group as the sole owner concludes in February 2025, after which they can sell their stake," one of the IPL source told PTI on the condition of anonymity.
"Torrent Group is one of the most prominent names in the Indian pharmaceutical industry, and in 2021, when the BCCI invited bids for two new teams, they had shown major interest. Naturally, any change in ownership requires BCCI's approval, which is expected in the coming days," the same source added.
While the valuation of the stake being sold by CVC remains unclear, the global private equity firm had invested Rs 5,625 crore to acquire the Titans in the year 2021.
Hardik Pandya's captaincy made the team win the title in 2022 and finished as runners-up in 2023. Anyways, in the most recent season, the Shubman Gill-led team ended in eighth place.
Major players in the squad include Shubman Gill, Afghanistan spinner Rashid Khan, England's white-ball captain Jos Buttler, & India pacer Mohammed Siraj.
Torrent Group, costing at around Rs 41,000 CR, has been attempting to enter the cricketing world. Through its subsidiary, Torrent Sports Ventures Pvt Ltd, it had previously bid for the Ahmedabad (Rs 4,653 crore) and Lucknow (Rs 4,356 crore) franchises in 2021 when the BCCI auctioned 2 of the new teams.
Two years later, the group failed to acquire one of the three cities available in the inaugural Women's Premier League (WPL).