Mobile manufacturers VIVO today retained the Indian Premier League's title sponsorship for the next five years with a mammoth bid of Rs 2,199 crore, an over 500 per cent increase from their previous deal.
"VIVO retains title sponsorship for IPL 2018-22. They bid Rs.2,199 Crores, 554 per cent increase over the previous contract," the IPL's official handle tweeted.
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 1430 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.
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