The sixth season of the Indian Premier League will be called Pepsi IPL after the soft-drink manufacturing company bagged the title sponsorship of the cash-rich T20 tournament for Rs 396.8 crore.
The T20 league got the new sponsor after the country's largest realty firm, DLF, their title sponsor for five years, decided not to renew its contract in July. The company had spent Rs 250 crore in five years for IPL.
Apart from Pepsi, Aircel was the only other bidder. Aircel had offered Rs 316 crores.
IPL Chairman Rajeev Shukla said that the title-sponsorship contract was for five-year period and will end in 2017. "So far our records of selling various properties of IPL has been very good. We have doubled, tripled or quadrupled the amount while selling some of the properties," Shukla told reporters after the meeting of the IPL Governing Council.
Deepika Warrier, Executive Director Marketing of Pepsico Beverages, said she was very happy that the company has reaffirmed its commitment to cricket.
"We have been associated with cricket for the last 20 years. The IPL is a tremendous product. It is a brand which rivals any other sporting brand across the world," she said.
The title sponsor rights include a number of branding and other marketing benefits to be received by the title sponsor at every IPL matchÂ during the season as specifically outlined in the Invitation to Tender.
With PTI inputs