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Monday
September 2020
6:35 AM IST
News Headlines
Burkina Faso striker Traore leaves Lyon for Aston Villa        AIFF to conduct three-day International Virtual Conference for coaches        Looking to play good brand of cricket to make this season a memorable one: KL Rahul        US stocks fall as market decline extends for third week        No decision to discontinue printing of Rs 2000 note: FinMin        Iran vows 'hit' on all involved in US killing of top general        Russia's Navalny says he's now more than 'technically alive'        Pak uses drone to weapons in J-K's Rajouri; 3 LeT terrorists arrested        Centre rejects study which claims India is world's largest emitter of anthropogenic sulphur dioxide        Garib Kalyan Rojgar Abhiyaan not implemented in Bengal as state did not provide any info: FM        Parliament's monsoon session likely to be curtailed, may end by mid-next week        Kerala reports 4,000 plus fresh COVID-19 cases for second day in row; Toll crosses 500        China flies 18 warplanes near Taiwan during US envoy''s visit        US bans WeChat, TikTok citing national security        IPL 2020: Dhoni''s CSK lock horns with Rohit led MI in opener        US Open champion Osaka out of French Open due to injury        NIA questions Ker Minister Jaleel for over 8 hours; No need for him to resign, says CM        Delhi riots: Police files charge sheet under UAPA against 15 for larger conspiracy        Serum Institute gets DGCA''s nod to resume testing of Covid vaccine again        Russia''s RDIF collaborates with Dr Reddy''s Laboratories for Sputnik V vaccine trials, distribution: CEO        
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Business News
Patanjali considering bidding for IPL title sponsorship
 
New Delhi: Baba Ramdev's Patanjali Ayurved is considering to bid for the title sponsorship of the upcoming Indian Premier League (IPL), according to a company official.

The slot of the title sponsorship of IPL was vacated after the Chinese handset maker Vivo decided to exit from it.

The move would help the Haridwar-based firm access a global marketing platform, as Patanjali is focusing on exports for its Ayurveda-based FMCG products.

Confirming the development, Patanjali spokesperson S K Tijarawala told 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 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.

Last week, BCCI and Vivo decided to suspend their partnership for the 2020 IPL beginning on September 19, in the UAE, amid clamour to boycott Chinese products in the wake of the Sino-India border stand-off.

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.

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.

Patanjali Ayurved 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.


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