Ramdev's Patanjali Throws Their Hat in the Bidding for IPL Title Sponsorship
Image : Collected
|| Desk Report ||
Baba Ramdev's Patanjali Ayurved is eyeing to throw their hat in the bidding for the title sponsorship of the 13th edition of Indian Premier League (IPL), according to a company official.
Last week the BCCI and the title sponsorship of IPL – Vivo, the Chinese company have decided to part ways and the place is empty since then. The decision was taken amid clamour to boycott Chinese products after the border clashes between India and China.
The 2020 edition of IPL will begin on September 19 in the UAE. However, the title sponsorship would help the Haridwar-based firm access to a global marketing platform, as Patanjali is eyeing on exports for its Ayurveda-based FMCG products.
While confirming the development, Patanjali spokesperson S K Tijarawala said to 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 added.
However, Tijarawala also said that the company hasn’t taken a call yet and the final call on the issue will be taken soon.
"We have to take a final decision, whether we would take it or not," Tijarawala told.
Meanwhile, the title sponsorship is an important part of the IPL's commercial revenue and half of which is shared equally by the franchises as well. Vivo won the IPL title sponsorship rights for five years from 2018 to 2022 for a whopping sum of Rs 2,190 crore that is approximately Rs 440 crore per annum.
On the other hand, the Haridwar-based Patanjali group has an estimated turnover of around Rs 10,500 crore and they had acquired the debt-ridden Ruchi Soya for around Rs 4,350 crore after competing with Adani Group as well.
Moreover, the company had reported a revenue of Rs 8,329 crore in the year of 2018-19. Although, the group's overall turnover was much higher as Patanjali Ayurved comprises of its FMCG business and its Ayurvedic medicines as well.
