After the title sponsorship association between BCCI and Vivo was suspended for the 2020 edition of the IPL, many big names have since appeared to be the frontrunners in the race. Amazon, Byju's and Unacademy are some of the leading names to have been mentioned so far, but another Indian giant is considering a bid for the title sponsorship - Patanjali Ayurved.
Patanjali's spokesperson SK Tijarawala confirmed to the PTI that the organisation is "considering" the possibility.
"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.
He further 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.
He also said that the 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 key part of the commercial revenue of the cash-rich tournament. Half of the revenue generated from title sponsorship is distributed equally among the franchises. Vivo had won the rights for five years between 2018-2022 for a reported sum of Rs 2,190 crore; Rs 440 crore/annum.
The association between Vivo and BCCI was suspended in the wake of the tensions at the Sino-Indian border, following which calls have been made to boycott Chinese products.
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.