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By R. Jai Krishna
NEW DELHI--PepsiCo Inc. (PEP) has won the sponsorship rights for the Indian Premier League Twenty20 cricket tournament for five years starting April 2013 in deal worth 3.96 billion rupees ($71.93 million).
The Board of Control for Cricket in India, which organizes the tournament, Wednesday said of the two eligible bids it got, PepsiCo won the rights.
It didn't name the other bidder.
The soft-drink major's bid was worth almost double the 2.0 billion rupee contract of the previous sponsor, DLF Ltd. (532868.BY).
DLF, an Indian real-estate developer, was the IPL's sponsor since the tournament was launched in 2008.
A spokesman for Pepsi India confirmed that it has won the bid.
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