Pepsi has agreed a five-year IPL title sponsorship deal worth Rs 3.96 billion.
Pepsi beat Aircel, which had offered Rs 3.15 billion, in the bid for the title sponsorship of the Twenty20 tournament.
Seasons 6 to 10 of the Indian Premier League will be now known as the Pepsi IPL.
Real estate firm DLF ended its five-year-long association with the IPL in August and the BCCI floated the tenders last month. DLF paid Rs 200 crore for the five year period of 2008-12.
“So far our records of selling various properties of IPL has been very good. We have doubled, tripled or quadrupled the amount while selling some of the properties,” IPL Chairman Rajeev Shukla told reporters after the meeting of the IPL Governing Council.
Deepika Warrier, Executive Director Marketing of PepsiCo Beverages, said she was very happy that the company has reaffirmed its commitment to cricket.
“We have been associated with cricket for the last 20 years. The IPL is a tremendous product. It is a brand which rivals any other sporting brand across the world,” she said.
The title sponsor rights include a number of branding and other marketing benefits to be received by the title sponsor at every IPL match during the season as specifically outlined in the Invitation to Tender.