New Delhi: One of India's largest business conglomerates, the Tata Group, will replace Chinese mobile manufacturer Vivo as the Indian Premier League's title sponsor for the next two years.
As per reliable sources, the Tatas will be paying around Rs 670 crore for two years of title sponsorship while Vivo will pay a total of Rs 454 crore for termination of the contract which makes it a win-win situation for the BCCI as it is set to earn a whopping Rs 1124 crore for seasons 2022 and 2023 respectively.
"Yes, Tata Group is coming in as IPL title sponsor," IPL chairman Brijesh Patel confirmed the development to a national news agency.
BCCI secretary Jay Shah welcomed the company in the new role.
It is learnt from reliable sources in the BCCI that the Board would be earning Rs 547 crore in 2022 and Rs 577 crore in 2023.
"This is indeed a momentous occasion for the BCCI IPL as the Tata Group is the epitome of global Indian enterprise with an over 100-year-old legacy and operations in more than 100 countries across six continents," Shah was quoted as saying in a media release.
It is learnt that Tata Group could remain title sponsors for the IPL's 2023 season too as that was the one year concession given to Vivo since it lost a season of sponsorship in 2020.