Vivo has reportedly withdrawn from sponsorship of IPL which will be played in UAE from September 19, 2020.
As per a report in the Times of India, Vivo India is planning to backout of the IPL, at least for this year, is what an IPL franchise communicated to seven others on Monday evening.
BCCI's decision to retain a Chinese brand as title sponsor was criticised by Indian citizens amid ongoing Indo-China standoff on Ladakh border.
Confederation of All India Traders and Swadeshi Jagran Manch have called it a victory of their demands. âStrong opposition by CAIT and support of media worked well forcing Vivo to withdraw sponsorship,â CAIT said in a statement.
Vivo entered the Indian market in December 2014 and tied up with IPL in the 2016 and 2017 editions of the tournament, shelling out Rs 196 crore. It renewed its sponsorship deal with the tournament for 2018 to 2022 for Rs 2,199 crore, that amounts to the BCCI receiving Rs 440 crore annually from the Chinese brand.