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IDBI Fortis is title sponsor for Indo-Lanka cricket series, pays Nimbus Rs 14 cr

24-January-2009
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IDBI Fortis is title sponsor for Indo-Lanka cricket series, pays Nimbus Rs 14 cr

Nimbus Sport, which recently bagged the telecast rights for the India-Sri Lanka series commencing from January 28, 2009, has signed on IDBI Fortis as the title sponsor for the series. Neo Cricket was paid approximately Rs 14 crore by IDBI Fortis for the title sponsorship. The sports channel is eyeing around Rs 80 crore in revenues from the series.

Neo Cricket will be broadcasting the series (India’s tour of Lanka), which comprises five ODIs and one T20. The ODI series would be called the ‘IDBI Fortis Wealthsurance Cup’ and will be followed by the ‘IDBI Fortis Wealthsurance Twenty20.’ IDBI Fortis will also be a co-presenting sponsor on Neo Cricket during the live broadcast of the series.

Currently there are two presenting sponsors and two associate sponsors, however, they are yet to be confirmed officially, which is expected to happen by January 27. The usual benefits given to the sponsors and particularly the title sponsor are on-ground rights, naming of the Cup and the regular deliverables.

In an email interaction, Raju Udupa, Executive Vice President, Neo Cricket, said, “The channel was paid an approximate Rs 14 crore for the title sponsor and we are targeting an approximate of around Rs 80 crore in revenues.”

Yannick Colaco, Executive Vice President, Nimbus Sport, said, “We are delighted at the opportunity of bringing one of India’s fastest growing life insurance companies, IDBI Fortis Life Insurance, into the world of cricket.”

GV Nageswara Rao, Managing Director and CEO, IDBI Fortis Life Insurance Co Ltd, said, “Wealthsurance is an innovative and novel concept in bundling the power of investments with the protection of insurance. We hope to bring its message to the masses by associating with this series as the title sponsor.”

Also read:

Nimbus Sport bags telecast rights of Indo-Lanka series; media planners see good scope

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Prior to joining Madison PR in 2012 Chaudhary was Group President Corporate Communications at Reliance Industries Limited.