IPL Sponsors: Ceat retains IPL 'strategic timeout' partnership for Rs 240 crore
Ceat has announced its sponsorship of certain segments of IPL matches, marking an investment of about Rs 240 crore over five years.
The Board of Control for Cricket in India has selected Ceat as an official partner to sponsor certain segments of the IPL matches, with an aggregate spend of about Rs 240 crore over five years, Ceat Ltd said in a regulatory filing.
ET reported on February 23, citing sources familiar with the matter, My11Circle, RuPay, Angel One, and Ceat have collectively acquired IPL sponsorship slots for a total sum of ₹1,485 crore.
Ceat retained the strategic timeout partnership for a duration of five years with a bid of ₹240 crore, the report said. However, no bidders were found for the orange & purple cap and umpire partnerships, according to the report.
Out of the six associate partnership slots available, the board managed to sell three to My11Circle, RuPay, and Angel One, according to an anonymous source.
Ceat, the flagship company of the RPG Group, specialises in selling tyres for two-wheelers, passenger vehicles, and commercial vehicles, among other products.
The IPL is scheduled to kick off from March 22, with the defending champions, Chennai Super Kings, facing their southern rivals, Royal Challenger Bangalore (RCB) at the Chepauk stadium in Chennai. The schedule for the first 21 matches spanning 17 days has been disclosed, while the rest will be determined after the announcement of Lok Sabha election dates.
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