Chinese smartphone maker Vivo has been announced to replace the New York-based international beverage giant PepsiCo as the new title sponsor of the Indian Premier League for next two years, according to reports from Indian newspaper Economic Times.
"The IPL title sponsorship right has been assigned to M/S Vivo mobiles. Vivo is to give the Bank Guarantee in next ten days," the BCCI said in a statement announcing decisions taken at its all-powerful working committee meeting.
One of the officials involved with the development of Vivo said: “Vivo is a mobile phone maker who wants to establish its presence in India and the IPL will give it the platform it needs for visibility.”
Pepsi, which had committed to pay about 4 billion rupees ($62 million) as title sponsor of the tournament from 2013-2017, ended its association with the cricket league mid-way due to raised concerns about ethics in the IPL tournament.
However, the beverage giant will stay as a sponsor of individual IPL teams, the report said.
Source: BloombergBusiness & India