New Delhi, Feb. 12 -- Marking its foray into sports sector, Torrent Group has entered into a definitive agreement to acquire a majority stake of 67% in the Indian Premier League (IPL) franchise, Gujarat Titans from Irelia Company Pte Ltd.
"The transaction is subject to customary closing conditions and approvals (including from BCCI)," the company said in a media release.
As part of the deal, Irelia will retain a substantial minority stake of 33% in the franchise.
"This strategic partnership between one of India's leading Business Groups and a globally renowned private equity firm, is the first of its kind in India's sports sector and will unlock exciting opportunities for growth and collaboration," Torrent group said.
Jinal Mehta, Direc...