The Indian multinational conglomerate, Tata Group has reportedly extended its tenure as the title sponsorship rights holder of the Indian Premier League (IPL) till 2028.
The arrangement includes a commitment by the Tata Group to provide INR 500 crore per season.
Tata had the right to match any competitive bid made by another corporate organisation, according to the conditions of the Invitation To Tender (ITT) document published in December.
Following the condition, the company decided to match the Aditya Birla Group‘s valuation of INR 2500 crore. The Board of Control for Cricket in India (BCCI) issued this verdict on Friday.
Tata took over the title sponsorship rights of the cash-rich Indian league from Vivo in 2022. For several reasons, including its links to China, the smartphone manufacturer sought to back out of the agreement.