Chinese mobile phone manufacturer Vivo has retained the title sponsorship rights of the Indian Premier League (IPL) for a period of five years.
The Chinese firm won the rights for a whopping amount of Rs. 2199 crores, which is approximately Rs. 440 crore per year, four times more than what they were paying earlier.
The previous title rights deal, signed in 2015 for a two-year period, had cost the company Rs. 200 crores.
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 Board of Control for Cricket in India (BCCI) had invited applications through its Invitation to Tender process from parties to bid for the title sponsorship rights, starting August 1, 2017, and ending on July 31, 2022.
Indian real estate major DLF had won the first ever title rights of the IPL in 2008 for Rs. 40 crore per annum for a period of five years.
Beverage giant PepsiCo won the next bid in 2012 and signed a five-year deal worth Rs. 396 crores.
However, PepsiCo India terminated its contract and Vivo replaced it in 2016.