Patanjali Ayurved is considering bidding for the IPL 2020 title sponsorship after the sudden exit of VIVO:
As per a company official, Patanjali Ayurved of Baba Ramdev is considering to bid for the 2020 Indian Premier League sponsorship. The sponsorship title position of the 2020 IPL was vacated when Vivo, the Chinese mobile manufacturer had taken the decision to exit its name from it.
As Patanjali is now concentrating on its export business for its FMCG products, this decision of Patanjali would help them to access a worldwide marketing stage. Confirming on the improvement, the spokesperson of the Haridwar-based firm, Patanjali SK Tijarawala told PTI that they are considering this.
He said “This decision is for Vocal For Local and establishing one Indian Brand as global, this is the perfect platform. We are considering it.”However, he added that Patanjali is yet to take the final decision on this.
As per him, on Monday the BCCI is coming with interest and it has to submit the offer by 14th August.
Last week, the Board of Control for Cricket in India (BCCI) and the Chinese company Vivo decided to call off their partnership for the 2020 IPL, which is scheduled to start from 19th September in UAE. This decision was taken concerning boycott Chinese products in the wake of the border war between Sino-India.
The IPL title sponsorship is a very important part of the commercial revenue of IPL, half of the revenue is shared among the franchisees equally.
For the five years, starting from 2018 to 2022, Vivo obtained the IPL title sponsorship rights for a total of Rs. 21,90 crore, nearly Rs 440 crore in each year.
The group of Patanjali Ayurveda has an approximate revenue of nearly Rs 10,500 crores. It had taken debt-ridden Ruchi Soya in a corporate liquidation procedure for nearly Rs 4,350 crore after competing with Adani Group.
In the 2018-19 year, Patanjali Ayurveda had reported a profit of approximately Rs 8,329 crore. However, the complete turnover of the group was much higher as Patanjali consists of majorly FMCG product business and its highly efficient Ayurvedic medicines.
