Tyre maker Ceat on Friday said the company will sponsor certain segments of IPL matches. The company has been selected as an official partner by the Board of Control for Cricket in India (BCCI) 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.
Ceat is the flagship company of the RPG Group. It sells tyres for two-wheelers as well as passenger and commercial vehicles, among others.
The tyremaker had reported a fivefold increase in net profit at ₹181 crore for the quarter that ended in December 2023 compared to ₹35 crore reported during the same quarter last year.
The Indian Premier League (IPL) has secured Rs 1485 crore in sponsorship deals, according to reports. The development comes days after Tata Sons acquired the title sponsorship for Rs2,500 crore.
Among the new partners are fantasy sports platform My11Circle, who outbid rival Dream11 with a Rs 625 crore offer. Payment service providers, RuPay, also joined the roster with a Rs 210 crore bid for a three-year deal. Additionally, online stock trading firm Angel One secured a sponsorship slot.
Ceat retained its existing strategic timeout partnership for Rs240 crore over five years. However, there were no takers for the ‘orange and purple cap’ and ‘umpire’ sponsorship opportunities.