Pepsi, the soft drinks gaint, has become the new sponsor of the Indian Premier League after paying a whopping Rs 396 crore. Pepsi raced past Aircel, which offered Rs 316 crore, in the bid for the title sponsorship of the Twenty20 tournament.
The title-sponsorship was for a five-year period and will end in 2017. Earlier, realty firm DLF had ended its title sponsorship in August and the BCCI floated the tenders last month. DLF paid Rs 200 crore for the five year period of 2008-12. The sponsor rights include branding and other marketing benefits at every IPL match during the season as outlined in the Invitation to Tender.