Ranbir Kapoor
Ranbir KapoorVarinder Chawla

Contrary to the reports, Varun Dhawan is not replacing "Jagga Jasoos" actor Ranbir Kapoor as a brand ambassador of a popular potato chips company. The only potato chips product Ranbir is currently endorsing is Lays and the spokesperson of that company confirmed it to International Business Times India that Varun is not replacing Ranbir.

"This is absolutely baseless and untrue," PepsiCo India spokesperson told IBTimes India.

A leading tabloid reported that Ranbir's contract with a popular potato chips brand is ending and the company decided not to renew his contract. Ranbir's poor performance at the box office last year seems to have taken a toll on its brand endorsements, which is apparently one of the reasons why the company decided to go for a new face. The tabloid further reported that the popular potato chips brand wants someone to connect with the youth and thus the brand zeroed in on Varun.

"Ranbir's contract was ending and his brand value seems to have taken a beating with his last few films not doing well at the box office. So, the company may have decided against renewing their contract with him," an insider told Mid-Day.

"Varun has shown interest in bagging the endorsement deal and is likely to sign on the dotted line shortly. His fee also fit the brand's budget, so they are also keen to have him on board," the source said, adding that Varun is charging a crore to endorse the brand compared to Ranbir. The "Jagga Jasoos" actor charges around Rs. 4 crore as endorsement fees, whereas Varun charges Rs. 3 crore for his brands.

However, now with an official spokesperson confirming the reports it can be said that Ranbir will continue to endorse the brand.