New Delhi, Aug 10: In a major development, Baba Ramdev’s Patanjali Ayurved is 'considering' to bid for the title sponsorship of the upcoming Indian Premier League (IPL) that will take place from September 19 to November 10.
This development comes the title sponsorship of IPL has been emptied after the Chinese mobile manufacturer Vivo made an exit from it. The move has helped many giants firms in creating a global marketing platform as Patanjali is focusing on exports for its Ayurveda-based FMCG products.
Confirming this development, Patanjali spokesperson S K Tijarawala told to a private media, "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 said.
However, Tijarawala also added that the company is yet to take a final call on the issue. "We have to take 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.
The title sponsorship is a significant part of the IPL’s commercial revenue, half of which is shared equally by the franchises. Vivo won the IPL title sponsorship rights for five years from 2018 to 2022 for a reported sum of Rs 2,190 crore, approximately Rs 440 crore per annum.
Having said that, last week, Vivo decided to take a U-turn from the partnership for the 2020 IPL beginning on September 19, in the UAE due to backlash and boycotting Chinese products in the backdrop of the China-India border stand-off.
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. It 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.