Mobile manufacturers VIVO yesterday 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.