Speaking on the development, IPL Chairman Rajeev Shukla said, "We are delighted to have Vivo joining us once again as the title sponsor for IPL for next five years".
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VIVO bid Rs. 2,199 Crore, overtaking the next best bid by OPPO, who presented Rs. 1430 crores for the same. While mobile phone makers Xiaomi and Intex had picked up the bid documents, these companies did not make a final bid for the title sponsorship rights.
Vivo's new rights run from 2018 until 2022. The last sponsorship had an increase of Rs 20 crore from what Pepsi had paid BCCI for the sponsorship rights held at the beginning of 2013. 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. PepsiCo had walked out of the deal pre-maturely after acquiring the rights for five years at Rs 396 crore. The interested parties were asked to submit their bids by June 27 at 12 noon at a place, which will be specified in the document or at any other place as decided and initiated by the BCCI.
The company had taken over from real estate group DLF, which was the tournament's maiden title sponsor from 2008 to 2012. However, after paying Rs 206 crore for first three years, the beverage maker made a decision to end its association with the league when IPL was caught up in the spot-fixing controversy.