Chinese smartphone company Vivo has returned as the title sponsor of the Indian Premium League (IPL) cricket tournament, almost a year after the sponsorship deal with the BCCI was halted amid the India-China standoff.
"Vivo is back as the title sponsor of IPL and that is very encouraging and exciting for us because IPL is the biggest property in India and is a perfect amalgamation of sports and entertainment, so we are looking forward to the 9th of April, when IPL begins," Vivo India Director Brand Strategy Nipun said on Wednesday, March 10.
Marya also said that the temporary hold was a mutual decision, reported The Indian Express.
On August 6, 2020, BCCI and Vivo had suspended their partnership for 2020 IPL amid increasing demand to boycott Chinese products in the wake of the border standoff along the Line of Actual Control (LAC).
Border tensions intensified in June 2020 after the deadly clashes between Indian and Chinese soldiers in Ladakh's Galwan Valley. At least 20 Indian soldiers were killed in the clashes.
The government, later, also restricted investments coming from China and banned several Chinese origin apps including TikTok.
"The whole environment has certainly now changed for the better and overall the environment is better. I think it's befitting that Vivo is back as the IPL title sponsor… Our old contract is as it is and we continue with all the terms and conditions we earlier had on the contract," Marya said.
Vivo's sponsorship deal worth Rs 440 crore per year with the BCCI was suspended last season due to the India-China border standoff. Vivo had won the IPL title sponsorship rights for five years from 2018 to 2022 for Rs 2,190 crore.
The company will now remain the title sponsor till 2023.
Dream11 was the IPL title sponsors for the 2020 edition, winning the rights for Rs 222 crore.
"So, I think that growth is coming back and that is why we are quite optimistic about the upcoming quarters and the year where we will be launching multiple new products. In fact, in the premium segment, we're looking at launching five to six new products," Marya said.