MUMBAI:  The Competition Commission of India (CCI) has approved Torrent Investments Pvt Ltd's acquisition of a controlling stake in the Gujarat Titans cricket franchise, marking a significant development in Indian Premier League ownership.

Under the approved deal, Torrent will acquire a 67 per cent stake in Irelia Sports India Pvt Ltd ,  which owns and operates the Gujarat Titans. The regulatory body noted that the transaction raises no competition concerns, as there are no horizontal overlaps or vertical relationships between the parties' business activities.

Torrent Group, a diversified conglomerate with interests spanning pharmaceuticals, power generation, healthcare, and city gas distribution, views the acquisition as a strategic move to enhance its brand presence. The company stated that the investment aligns with its strategy of acquiring "high-value, scalable assets that offer consistent returns."

The target company, Irelia Sports, manages the Gujarat Titans franchise along with its associated revenue streams, including match ticketing, team merchandising, and advertising rights. The acquisition has been notified under Section 6(4) of the Competition Act, 2002.

A spokesperson for Torrent Group noted that the acquisition would help the company connect with a broader demographic through cricket, India's most popular sport. The deal represents one of the most significant ownership changes in the IPL's recent history.

The CCI's swift approval suggests a straightforward review process, given the distinct nature of the acquirer's existing business portfolio and the target's sports-focused operations. The transaction value remains undisclosed, though industry experts suggest it reflects the growing valuations of IPL franchises.

(Picture courtesy Gujarat Titans franchise)