IPL 2020
This comes days after the Board of Cricket Control of India (BCCI) announced that Chinese firm Vivo will not be the official title sponsor this year.
PTI File
Baba Ramdev’s Patanjali is mulling entering the bidding process for the 2020 season of the Indian Premier League. This comes days after the Board of Cricket Control of India (BCCI) announced that Chinese firm Vivo will not be the official title sponsor this year.
Confirming the development, Patanjali spokesperson S K Tijarawala told PTI: “We are considering this.” However, Tijarawala also added that the company is yet to take a final call on the issue.
“This is for Vocal For Local and making one Indian brand as global, this is the right platform. We are considering that perspective. We have to make a final decision, whether we would take it or not,” Tijarawala added. According to him, 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.
VIVO had a five-year sponsorship deal with the BCCI at the cost of Rs 440 crore per year, which has now been suspended after the India-China clash at Galwan Valley. Although they may return next year, Vivo has decided to withdraw from being associated with the IPL for this year.
While the BCCI is scurrying to find a new title sponsor after Vivo’s sudden exit, companies like Jio, Amazon, the TATA group, Adani group, Dream 11, and also Byju’s have been seen as potential candidates to be the title sponsor.
According to the report, executives in the know of the developments said the BCCI is giving discounts of up to 50% to potential title sponsors. Despite it being played outside the country and possibly in front of empty stadiums, the number of viewers watching the IPL is very high and experts say it will likely mark the return of big numbers in advertising.
The Haridwar-based Patanjali group 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 had reported a revenue of Rs 8,329 crore in FY 2018-19. However overall the group’s turnover was much higher as Patanjali Ayurved consists of mainly its FMCG business and its Ayurvedic medicines.
Patanjali was in the news recently after the Madras High Court pulled it up for advertising ‘Coronil’ kits as a COVID-19 cure. Hearing a petition over the trademark of ‘Coronil,’ the HC restrained it from using the trademark and slapped a fine of Rs 10 lakh for “chasing further profits by exploiting the fear and panic among the general public by projecting a cure for the coronavirus.”
Also read: Patanjali exploited public fear says Madras HC, imposes Rs 10 lakh fine
With PTI inputs
Confirming the development, Patanjali spokesperson S K Tijarawala told PTI: “We are considering this.” However, Tijarawala also added that the company is yet to take a final call on the issue.
“This is for Vocal For Local and making one Indian brand as global, this is the right platform. We are considering that perspective. We have to make a final decision, whether we would take it or not,” Tijarawala added. According to him, 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.
VIVO had a five-year sponsorship deal with the BCCI at the cost of Rs 440 crore per year, which has now been suspended after the India-China clash at Galwan Valley. Although they may return next year, Vivo has decided to withdraw from being associated with the IPL for this year.
While the BCCI is scurrying to find a new title sponsor after Vivo’s sudden exit, companies like Jio, Amazon, the TATA group, Adani group, Dream 11, and also Byju’s have been seen as potential candidates to be the title sponsor.
According to the report, executives in the know of the developments said the BCCI is giving discounts of up to 50% to potential title sponsors. Despite it being played outside the country and possibly in front of empty stadiums, the number of viewers watching the IPL is very high and experts say it will likely mark the return of big numbers in advertising.
The Haridwar-based Patanjali group 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 had reported a revenue of Rs 8,329 crore in FY 2018-19. However overall the group’s turnover was much higher as Patanjali Ayurved consists of mainly its FMCG business and its Ayurvedic medicines.
Patanjali was in the news recently after the Madras High Court pulled it up for advertising ‘Coronil’ kits as a COVID-19 cure. Hearing a petition over the trademark of ‘Coronil,’ the HC restrained it from using the trademark and slapped a fine of Rs 10 lakh for “chasing further profits by exploiting the fear and panic among the general public by projecting a cure for the coronavirus.”
Also read: Patanjali exploited public fear says Madras HC, imposes Rs 10 lakh fine
With PTI inputs
Body 2:
Source: TheNewsMinute.com