China's Vivo to Replace PepsiCo as India Cricket League Sponsorby
Vivo to submit bank guarantee within the next 10 days
PepsiCo had committed to pay about 4b rupees 2013-2017
Vivo Mobiles, a Chinese mobile phone maker, has replaced PepsiCo Inc. as title sponsor of India’s premier cricket league, the Board of Control for Cricket in India said in an e-mailed statement.
The phone maker will give a bank guarantee for the sponsorship within the next 10 days, BCCI said in the statement, without providing an amount. It also extended Nike Inc.’s contract as the tournament’s official apparel sponsor.
The beverage company had raised concerns about ethics in the Indian Premier League, the Economic Times newspaper reported on Sunday, without saying where it got the information. Bloomberg e-mails to Pepsi and Vivo weren’t answered on Sunday.
Pepsi, which had committed to pay about 4 billion rupees ($62 million) as title sponsor of the tournament from 2013-2017, will stay as beverage sponsor of individual teams, the Economic Times report said.