Mukesh Ambani-owned Mumbai Indians has signed up Bajaj Allianz as its principal sponsor for a period of three years in a deal worth Rs 30 crore starting with this year's IPL season.
The franchise that has roped in Videocon d2H as the team sponsor has also signed Air India as an associate sponsor and is set for a 10% increase in its sponsorship revenue this season from last year's Rs 70 crore.
"The three-year deal with Bajaj Allianz is valued around Rs 10 crore per year and it is for the back of shirt. This comes after the five-year deal with MasterCard came to an end," a source said.
When contacted, a spokesperson of Mumbai Indians confirmed the development but Bajaj Allianz declined to comment.
This would be Bajaj Allianz Life Insurance's second innings as a sponsor in the Indian Premier League (IPL), after being one of the founding sponsors of the Rajasthan Royal team during the first IPL tournament in 2008.
Mumbai Indians had already signed up Videocon d2H as the team sponsor for one year in a deal estimated to be worth Rs 30 crore for featuring the latter's logo on the chest of the team jersey. Videocon d2H is replacing Hero MotoCorp, which had announced ending of the sponsorship earlier this year.
Besides, Mumbai Indians has also signed up Air India as an associated sponsor with the logo of the carrier to feature on the back of helmets of its players.
"Overall, the franchise is set for a 10% increase in revenue from sponsorship from last year's Rs 70 crore," the source said.
The other sponsors of Mumbai Indians include Dheeraj Realty and DHFL (Dewan Housing Finance Corporation Ltd).
Mumbai Indians, which boasts of players like Sachin Tendulkar, Harbhajan Singh and Rohit Sharma, recently announced that Ricky Ponting would lead the team in this year's IPL, which will be played between April 3 and May 26.