PepsiCo had paid Rs 396 crore for title sponsorship of the tournament in 2012 for the period 2013-2017.

PepsiCo likely to withdraw as title sponsor from IPL today
news Sunday, October 18, 2015 - 11:11
Beverage giant PepsiCo is expected to withdraw from the Indian Premier League (IPL) as title sponsor on Sunday. The Times of India reported that the details will be made public after BCCI's meeting today.
 
The TOI report further states, "Mobile-commerce and payments major Paytm is widely expected to move in as the new sponsor in BCCI's money spinner on the same terms that were offered to PepsiCo. All issues have been amicably resolved between BCCI and Pepsi and the beverage major will not have to pay the balance of around Rs 150 crore left of the sponsorship fees, these sources who did not wish to be identiied, said."
 
PepsiCo had paid Rs 396 crore for title sponsorship of the tournament in 2012 for the period 2013-2017.
 
Earlier this month, the company wrote to the BCCI informing about its intention of pulling out as title sponsor stating the controversy surrounding the spot fixing case, which had brought the game "disrepute".

“Last season, Pepsi wanted to withdraw, especially in the aftermath of the spot-fixing case but the BCCI managed to convince it to stick on for another year. However, this time it was firm that it will not continue its association with the IPL, more so after the Lodha Committee recommended the suspension of Chennai Super Kings and Rajasthan Royals. The conflict of interest issues also had an impact,” an IPL source had earlier told The Indian Express.

Become a TNM Member for just Rs 999!
You can also support us with a one-time payment.