Source - hindu.com
Beverages major Pepsi has signed a 12.5 million-dollar agreement to sponsor the Indian Premier League (IPL) for the next five years.
"Pepsi has been signed as the official drink sponsor of the upcoming IPL and the deal has been closed," Board of Control for Cricket in India (BCCI) Vice President Rajiv Shukla confirmed to PTI.
Pepsi has been the one of the main sponsors of India's domestic cricket tournaments for many years and has also been associated with the International Cricket Council (ICC) as the global sponsor.
Although Pepsi did not confirm the amount, sources said the deal is expected to be around 12.5 million dollar and as per the arrangement, Pepsi will pay 2.5 million dollar every year benefiting the eight franchise owners of Mumbai, Delhi, Kolkata, Bangalore, Chennai, Mohali, Jaipur and Hyderabad teams.
When contacted PepsiCo India Vice-President, Marketing (Cola), Sandeep Singh Arora said, "We are in negotiations with IPL towards the beverage sponsorship deal."
Recently, automobile maker Hero Honda has also extended its co-sponsorship of the Indian Premier League Twenty20 for five years, with real estate giant DLF being the main sponsor of the IPL.
The Twenty20 tournament, comprising 59 matches, will be played over 45 days starting April 18. Matches will be telecast live on SET Max.