Chinese mobile company Vivo has retained the title sponsorship rights for the Indian Premier League from 2018 till 2022, the cash-rich league revealed in tweet on Tuesday. Vivo’s winning bid of Rs 2,199 crore is a jump of 554% on the previous successful title sponsorship bid made by the company for two seasons. Oppo was the next highest bidder at Rs 1,430 crore, reported The Times of India.
The Board of Control for Cricket in India had invited applications through its Invitation to Tender process from parties to bid for the title sponsorship rights. The sponsorship rights will begin on August 1, 2017 and end on July 31, 2022.
In 2015, Vivo had replaced PepsiCo as the title sponsor of the IPL. PepsiCo, which had signed a five-year deal worth Rs 396 crore in 2012, had pulled out from the deal owing to the 2013 spot-fixing and betting scandal.
Earlier this year, Vivo had won the title sponsorship rights for the Pro Kabaddi League for a period of five years in a deal worth Rs 300 crore.