Now, Hero Honda is lead sponsor of Mumbai Indians

The three-year deal involves sponsorship money of around Rs 65-70 crore, an executive with a media buying firm said.

By Meenakshi Verma Ambwani, ET Bureau | Mar 05, 2011, 05.26 AM IST

NEW DELHI: It’s the Mumbai Indians’ turn to ride Hero Honda. The world’s largest two-wheeler maker has signed a deal to become the lead sponsor of the Mumbai-based Indian Premier League team, ending its three-year association with Delhi Daredevils, a person familiar with the development said.

The three-year deal involves sponsorship money of around Rs 65-70 crore, an executive with a media buying firm said. Hero Honda replaces consumer electronics firm Videocon as the lead sponsor of the Mukesh Ambani-owned Mumbai Indians weeks before the start of the fourth season of the popular domestic twenty20 club tournament in April.

A Mumbai Indians spokesman declined comment on the development. An email query sent to Hero Honda spokesman too was not answered till the time of going to press. Videocon had signed a three-year deal with Mumbai Indians for an estimated Rs 36 crore last year.

The association is being discontinued after one season. Telecom services firm Idea Cellular too has reportedly discontinued a long-term sponsorship arrangement one year ahead of schedule. Mumbai Indians, led by top batsman Sachin Tendulkar, was the runner-up in the last edition of IPL.

Videocon was the lead sponsor of Delhi Daredevils since the tournament began. Delhi team owned by infrastructure group GMR had last month struck a sponsorship deal with Muthoot Finance for an undisclosed amount. Most IPL team owners are looking to raise at least 20-25% higher revenue this season from sponsorship deals.

Start a SIP with as low as ₹500 with ET Money App!