IPL will be the biggest cricketing event of the year, potentially. However, since Vivo's walkout due to the anti-China sentiment, Baba Ramdev's Patanjali Ayurved is entering the bid for the title sponsorship of the upcoming Indian Premier League (IPL)
A company official has revealed this to PTI. This move makes way for the Haridwar-based firm to access a global marketing platform, as Patanjali is focusing on exports for its Ayurveda-based FMCG products.
Patanjali enters race for IPL sponsorship
Confirming the development, Patanjali spokesperson S K Tijarawala told PTI: "We are considering this".
"This is for Vocal For Local and making one Indian brand as global, this is the right platform. We are considering into that perspective," he further said.
But, he pointed out that plans haven't yet finalised, "We have to take a final decision, whether we would take it or not," Tijarawala said.
Haridwar-based Patanjali group reportedly has an estimated turnover of around Rs 10,500 crores. It had acquired debt-ridden Ruchi Soya in a corporate insolvency resolution process for around Rs 4,350 crore after competing with Adani Group.
Patanjali Ayurved's revenue stands at Rs 8,329 crore as on FY 2018-19. Although the company's overall turnover was much higher since Patanjali Ayurved mainly depends on its FMCG business and its Ayurvedic medicines.
Tijarawala revealed to PTI that the Board of Control for Cricket in India (BCCI) is coming with the expression of interest on Monday and it has to submit its proposal by August 14. Last week, BCCI and Vivo decided to suspend their partnership for the 2020 IPL beginning on September 19, in the UAE, amid clamour to boycott Chinese products in the wake of the Sino-India border stand-off.
The title sponsorship is a significant part of the IPL's commercial revenue, half of which is shared equally by the franchises it is reported. Vivo had scored the IPL title sponsorship rights for five years from 2018 to 2022 for a reported sum of Rs 2,190 crore, approximately Rs 440 crore per annum.
(With inputs from PTI)