Adani Group and Torrent Group are in discussions with private equity firm CVC Capital Partners to buy 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 a majority stake in the IPL team and retain a minority holding.
The Board of Control for Cricket in India’s (BCCI) lock-in period that will stop new teams from selling a stake will end by February 2025.
Gujarat Titans may be valued at between $1 billion and $1.5 billion, the report said. CVC Capital Partners bought the franchise in 2021 for ₹5,625 crore. The team is three years old now.
“Having missed out on the opportunity to own IPL’s Ahmedabad franchise in 2021, Adani and Torrent are vying aggressively to buy a majority stake in Gujarat Titans. For CVC Capital Partners, it’s a great opportunity to monetise its stake in the franchise,” the Economic Times report quoted an official as saying.
“IPL franchises have been attracting a lot of investor attention since the league has established itself as an attractive asset with solid cash flows,” the report quoted another official as saying.
Adani had invested in cricket earlier by acquiring teams in the Women’s Premier League (WPL) and UAE International League T20. In 2023, Adani bagged WPL’s Ahmedabad franchise with a top bid of ₹1,289 crore, according to a Mint report.
CVC Capital Partners has invested in companies such as IPL team Gujarat Titans, hospital chain Healthcare Global, industrial chemicals maker Sajjan India and data and professional services company United Lex.
On May 3, Mint reported that Singapore-based Temasek Holdings may bid for CVC Capital Partners’ majority stake of 60.4 percent in Healthcare Global Enterprises Ltd. Potential investors in the bid were TPG, Bain Capital, and VPS Healthcare (Burjeel Holdings).