Chinese smartphone giant Vivo retained title sponsorship of the Indian Premier League (IPL), the Board of Control for Cricket in India (BCCI) announced on Tuesday.
The five-year deal is worth Rs 2,199 crore, the BCCI announced. This is a jump of about 554% over the last successful bid made by Vivo for the IPL. In 2016, Vivo had first bagged IPL title sponsorship for about Rs 350 crore after American beverage giant PepsiCo terminated its contract abruptly.
Several media reports also suggested that the second highest bidder was Oppo which made a bid worth Rs 1,430 crore. Vivo and Oppo are subsidiaries of the same company - BKK Electronics.
In the tender process, interested parties were asked to collect the bid documents between June 1 and June 21 and were asked to submit their bids until June 27.
VIVO retains title sponsorship for IPL 2018-22. They bid Rs.2,199 Crores, 554% increase over the previous contract! pic.twitter.com/6D7RXooTvBRelated stories
— IndianPremierLeague (@IPL) June 27, 2017
Earlier this month, Vivo bagged a sponsorship deal with FIFA to become the official smartphone partner for all FIFA events including the 2018 and 2022 World Cups.
The IPL was launched in 2008. The 11th edition of IPL in April-May 2018 will feature eight teams. Chennai Super Kings and Rajasthan Royals who had been suspended for two years, will replace Rising Pune Supergiant and Gujarat Lions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
