Mobile manufacturers VIVO retained the Indian Premier League's title sponsorship for the next five years with a whopping Rs 2,199 crore bid, a mammoth 554 per cent more than the previous contract.
"The premium global smartphone manufacturer bid Rs. 2199 crores, which is a 554 per cent increase over the previous contract. In the upcoming five IPL seasons (2018 - 2022), Vivo and IPL will have extensive cooperation in terms of sports events, on-ground activations and marketing campaigns," the BCCI said in a statement.
The annual break-up of the deal works out a nearly Rs 440 crore per year.
The Board 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.
Speaking on the development, IPL Chairman Rajeev Shukla said, "We are delighted to have Vivo joining us once again as the title sponsor for IPL for next five years. The association with Vivo has been great for the past two seasons and I am sure they will continue to make it bigger and better."
For the renewed contract, VIVO beat another mobile manufacturer Oppo, which had reportedly bid Rs 1430 crore.
Vivo had taken over from soft drink giants Pepsi in 2014 -15.
"Vivo as a brand has carved its niche and legacy in the market. We are extremely glad to have Vivo as the title sponsor and look forward to an enriching affiliation for both stakeholders," BCCI Acting President CK Khanna said.
"We received an overwhelming response for the title sponsorship rights and we are glad to have Vivo back on board. It is a renewal of a fruitful relationship with the brand that will extend for the next five years," added Acting Secretary Amitabh Choudhary.
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.
Feature image: BCCI