Vivo, the Chinese mobile company, has retained the title sponsorship of the Indian Premier League from 2018 till 2022. IPL’s official Twitter handle announced that Vivo had retained the title sponsorship after bidding 2,199 crores.
“VIVO retains title sponsorship for IPL 2018-22. They bid Rs.2,199 Crores, 554% increase over the previous contract!”, it wrote.
Vivo had replaced PepsiCo as the title sponsor of the high-profile tournament in 2015. The move had come after PepsiCo decided to suddenly pull out of a five-year deal that was to end in 2017.
In 2015, Vivo had bid Rs 200 crore for the title sponsorship. In this period, Vivo bid Rs 2,199 crore for the title sponsorship, a whopping increase of 554 percent from their previous bid.
They received a strong competition from it rival mobile phone company Oppo who had proposed an amount of Rs 1430 crores for the deal. Oppo is currently associated with the Indian team as the main sponsors of the team.
