"The IPL title sponsorship right has been assigned to M/S Vivo mobiles. Vivo is to give the Bank Guarantee in next ten days," the BCCI said in a statement announcing decisions taken at its all-powerful working committee meeting.
PepsiCo became title sponsors of the IPL in 2013 after they bid a whopping Rs. 396.8 crore for five seasons. Before Pepsi, DLF had paid Rs. 200 crore to become title sponsors of the tournament from 2008 till 2012.
PepsiCo's decision to end its deal with IPL was reportedly caused by the spot-fixing scandal which shook the game in 2013.
Although the company did not come on record to specify the reasons but it was reported that PepsiCo felt the spot- fixing scandal had brought the IPL in disrepute.
In the 2013 season of the IPL, Ankeet Chavan, Ajit Chandila and S Sreesanth were arrested over charges of spot- fixing. This was followed by allegations that Chennai Super Kings team principle Gurunath Meiyappan, and Raj Kundra, co- owner of Rajasthan Royals, were involved in betting.
The BCCI banned the three cricketers for life and the Supreme Court appointed the Justice Mudgal committee to investigate the scandal.
The Supreme Court appointed the Justice RM Lodha panel and the quantum of punishment was decided, with CSK and Rajasthan Royals banned from the tournament for two years.
Meiyappan and Kundra, on the other hand, were banned for life. Among other decisions taken at Sunday's meeting, Nike was retained as the apparel sponsor of the Indian cricket team.
"Nike Contract as the official apparel sponsors of the Indian Cricket Team has been extended," the BCCI said.