Chinese smartphone maker Vivo has once again secured the Indian Premier League's title sponsorship for the next five year with a bid of Rs. 2,199 crore.
According to IPL's official Twitter account, "VIVO retains title sponsorship for IPL 2018-22. They bid Rs. 2,199 crores, 554 percent increase over the previous contract."
BCCI has recently started inviting applications from parties to bid for the title sponsorship rights of the IPl.
Speaking on the development, chairman of the IPL, Rajeev Shukla said, "We are delighted to have Vivo joining us once again as the title sponsor for IPL for next five years. The association with Vivo has been great for the past two seasons and I am sure they will continue to make it bigger and better."
He also said that Oppo had reportedly bid Rs 1430 crore.
The smartphone company had bagged the title rights for the 2016 and 2017 seasons and that deal was pegged at an estimated Rs 100 crore per year.
The Chinese smartphone maker had taken over from Pepsi in 2014- 15 and the soft drink Pepsi had taken over from real estate group DLFfrom 2008 to 2012.