Vivo to replace PepsiCo as IPL's principal sponsor

The Indian Premier League has found a new sponsor in Chinese smartphone maker Vivo, which has replaced PepsiCo for the ninth edition of the tournament according to reports. The initial contract will be for two years and the terms and conditions will remain the same as they were with the cola giant.

PepsiCo became title sponsors of the IPL in 2013 after they bid a whopping Rs. 396.8 crore rupees for five seasons. Prior to Pepsi, DLF had paid Rs 200 crore to become title sponsors of the tournament from 2008 till 2012.

However, IPL chairman Rajeev Shukla had earlier said that the Pepsi pullout will have no bearing on the tournament as they were already in talks with other sponsors. "We are in talks with other sponsors as well, so the title deal with Pepsi is not that big an issue. They have certain points and we are going to settle them amicably. They have been a very good partner all this while and we do not want to disturb our relationship with them. Whatever is going to happen is going to happen in a very smooth manner," Shukla said.