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Luxembourg-based private equity firm CVC Capital Partners, with approximately €186 billion of assets under management, is in talks with India's Adani Group and Torrent Group to sell a controlling stake in Indian Premier League (IPL) franchise Gujarat Titans, Economic Times reported citing people in the know.
CVC is willing to offload a majority stake in the IPL franchise while retaining a minority holding, one of the persons said.
This comes as Board of Control for Cricket in India's (BCCI's) lock-in period that stops new teams from selling a stake will end in February 2025.
Gujarat Titans- a three-year-old franchise- could be valued at between $1 billion and $1.5 billion. CVC bought the franchise in 2021 for $745 million, the report said.
Adani is already invested in the Women's Premier League (WPL) and the UAE-based International League T20.
(Writing by Brinda Darasha; editing by Seban Scaria)