Mehta brothers will buy the team which Gautam Adani could not buy, know the net worth of Sudhir Mehta and Sameer Mehta
New Delhi: Ahmedabad’s Torrent Group is in the final stages of buying about two-thirds of the Indian Premier League (IPL) team Gujarat Titans. This team is currently owned by European private equity company CVC Capital Partners. According to sources, the value of the team for this deal can be estimated to be around Rs 7,500 crore. Both companies are in the process of getting BCCI’s approval for this deal. This will be the first major sale of ownership of a team since the IPL started in 2008. Gautam Adani also bid to buy this team in 2021. Last year also Adani Group tried to buy this team. But both times it failed.
According to sources, a final agreement will be signed between Torrent Group and CVC by the end of this week. CVC is selling its stake in Gujarat Titans after the lock-in period ends. Both companies want to finalize the deal before the next IPL season begins in March. Torrent’s main business is medicine and power. Along with this, the group is also entering many other sectors. The group has sufficient cash in the balance sheet. The group’s holding company Torrent Investments set up Torrent Sports Ventures in 2021.
Mehta brothers net worth
CVC has invested in La Liga, Premiership Rugby and Volleyball World. In 2021, it bought Gujarat Titans for Rs 5,625 crore, beating Adani Group and Torrent Group. The investment was to be made over a period of 10 years. Torrent had bid Rs 4,653 crore, while Adani Group had offered Rs 5,100 crore. The deal would have earned CVC more than multiple times profit on its investment. Gujarat Titans had a loss of Rs 57 crore on a revenue of Rs 776 crore in FY24.
IPL is expected to earn more than Rs 50,000 crore from media rights and sponsors between 2023 and 2027. Franchisees receive 50% of this central revenue pool and team revenues double in FY24. Torrent Group was founded by Uttambhai Nathalal Mehta. Today his sons Sudhir and Sameer Mehta are running it. According to Forbes, the net worth of both the brothers is $16.3 billion. A large part of their wealth comes from Torrent Pharmaceuticals. Their company Torrent Power distributes electricity in Gujarat and two other states. Apart from this, the group is also in gas distribution.
