Vodafone Idea has become the co-presenting sponsor of the upcoming Indian Premier League (IPL) starting Saturday. “Vi has acquired the co-sponsorship rights of the live broadcast of T-20 premier league which will be held in Abu Dhabi, UAE and telecast on the Star Sports network,” the telecom company said in a statement.
This comes soon after the company underwent a rebranding exercise, and the co-sponsorship, Vi said, is to “enhance awareness, build relevance and engage with the audience”.
In a statement, Vodafone said that it had a long-standing association with the IPL, including its campaigns with ZooZoos.
Kavita Nair, Chief Digital Transformation & Brand Officer, Vodafone Idea Limited, said “Cricket is religion in India, and Dream11 IPL as a property offers broader engagement with audience than just as a sport, over a two months’ window,” she said.
Star Sports CEO Gautam Thakar said, “Vodafone & Idea have both associated with Cricket on Star Sports in the past. We are delighted to have them onboard yet again in their new brand identity as Vi, and as the co-presenting sponsor for the broadcast of Dream11 IPL on Star Sports. We believe that the massive reach of the Star Sports network will help them take Vi’s new brand identity and proposition to millions of viewers across India.”
On August 19, the IPL Governing Council on Wednesday announced that fantasy sports platform Dream11 as the title sponsor for the tournament after Vivo exited the space for the season. Soon, IPL announced Unacademy as a partner.
A week ago, Vodafone Idea announced that it was going to be providing services under the brand name ‘Vi’.
Prior to that, the Board of Directors of Vodafone Idea had approved a proposal to raise up to Rs 25,000 crore through Global Depository Receipts(GDR), American Depository Receipts (ADR), non-convertible debentures, and other routes.
The development came after the Supreme Court's September 1 verdict on the Adjusted Gross Revenue (AGR) issue, wherein the top court gave a 10-year timeline to the telecom companies to repay their dues, with an upfront payment of 10% by March 31, 2021.
Market analysts have time and again said that Vodafone Idea would require raising of funds and may also need government support for its survival as it is already under financial stress. The AGR dues have further burdened the company.
According to an assessment by the Department of Telecommunications, Vodafone Idea owed a total of Rs 58,254 crore. As per the government, the operator now owes balance AGR dues of around Rs 50,399 crore.
With IANS inputs