Cola major Pepsi has bagged the title rights of the Indian Premier League for Rs.396.8 crore. They replace DLF, who had been the title sponsors for the first five editions.

DLF who had had paid Rs.200 crore for the deal in 2008, had decided not to renew their contract with the IPL in July this year. Aircel was the other bidder, which had offered Rs.316 crore for the title sponsorship rights.

According to a BCCI press release, Dr Farooq Abdullah, Chairman of the Marketing Committee, announced that the rights had been won by PepsiCo, saying,"The BCCI is very pleased to welcome PepsiCo as a central partner of the IPL.  The value of the winning bid reflects the growth and success of the IPL"

IPL Governing Council Chairman, Rajeev Shukla added “PepsiCo are one of the largest sponsors in world sport and we look forward to working with them over the next seasons. I would also like to take this opportunity to thank DLF for its confidence in the IPL to become the league’s first title sponsor in 2008.”