Vivo extends IPL sponsorship rights for next 5 years with nearly Rs 2,200 crore bid
Vivo beat its sister company Oppo which had also bid for the IPL title sponsorship rights with a Rs 1,430 crore bid. However, Vivos bid was much higher and it managed to retain the rights.
Soon after BCCI CEO Rahul Johri tweeted congratulating Vivo for winning the title sponsorship of IPL.
The BCCI had last month invited bids for the title sponsorship of the cash-rich and glitzy event for the period between August 1, 2017 and July 31, 2022.
VIVO had held the title rights for the 2016 and 2017 seasons. That deal was pegged at an estimated Rs 100 crore per year.
For the renewed contract, VIVO beat another mobile manufacturer Oppo, which had reportedly bid Rs 1,430 crore.
Vivo had taken over from soft drink giants Pepsi in 2014 -15.
Pepsi claimed the rights in 2013, bidding Rs 396 crore for five years.
The company had taken over from real estate group DLF, which was the tournament's maiden title sponsor from 2008 to 2012.
(With inputs from PTI)
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