Pepsi bags IPL title rights for Rs397 crore

PepsiCo has won the title rights for the Indian Premier League for the next five seasons.

The processed foods and soft drinks giant bought the rights for Rs396.8 crore, close to double the amount that was paid by construction major DLF for the first five seasons.

DLF's five-year deal had cost it Rs200 crore. The company refused to renew the contract after its term got over last season.

Initial reports have suggested that there were six interested parties. But only two firms — PepsiCo and Bharti Airtel — submitted bids.

The Airtel bid was believed to be for Rs350 crore.

The bids were opened at a meeting of the marketing committee of the Board of Control for Cricket in India here on Wednesday. Union minister Farooq Abdullah heads the marketing committee.