Chinese mobile handset manufacturer Vivo has retained the Indian Premier League title sponsorship rights for the next five seasons (2018-2022) with a winning bid of approximately US $341 million (Rs 2,199), a jump of 454% over the five-year contract signed in 2012. After entering the Indian cricket scene a few years back, Vivo India has slowly made its presence felt in the circuit.
Vivo first bagged the title sponsorship in October 2015 for two editions from PepsiCo India, who had ended its five-year contract, worth INR 396 crore, two years ahead of schedule. Vivo’s previous arrangement, according to BCCI CEO Rahul Johri, saw them pay “a shade less” than INR 100 crore per year.
VIVO retains title sponsorship for IPL 2018-22. They bid Rs.2,199 Crores, 554% increase over the previous contract! pic.twitter.com/6D7RXooTvB — IndianPremierLeague (@IPL) June 27, 2017
VIVO retains title sponsorship for IPL 2018-22. They bid Rs.2,199 Crores, 554% increase over the previous contract! pic.twitter.com/6D7RXooTvB
— IndianPremierLeague (@IPL) June 27, 2017
The BCCI would now earn Rs 2,199 crore from the deal. While Vivo sealed the deal, another mobile phone manufacturing company — Oppo – was the next bidder at Rs 1,430 crore.
The bids were opened on Tuesday in Mumbai, in the presence of both parties along with IPL chairman Rajiv Shukla and BCCI’s acting secretary Amitabh Choudhary.
