Patanjali will step in if no other Indian company bids for IPL title: Ramdev

New Delhi, Aug 16: Refuting the claim that Patanjali has made a bid for IPL title sponsorship, Yoga guru Ramdev on Sunday clarified that Patanjali will only come to the forefront, if other Indian corporate houses don't make any bid for the sponsorship".

"It is too early to talk about it as Patanjali will only come to the forefront (for IPL title sponsorship) if other Indian corporate houses don't make any bid for the IPL title sponsorship", a Hindustan Time report quoted Ramdev as saying.

The slot of the title sponsorship of IPL was vacated after the Chinese handset maker Vivo decided to exit from it.

BCCI and Vivo decided to suspend their partnership for the 2020 IPL beginning on September 19, in the UAE, amid clamour to boycott Chinese products in the wake of the Sino-India border stand-off.

The title sponsorship is a significant part of the IPL's commercial revenue, half of which is shared equally by the franchises.

Vivo won the IPL title sponsorship rights for five years from 2018 to 2022 for a reported sum of Rs 2,190 crore, approximately Rs 440 crore per annum.

The Haridwar-based Patanjali group has an estimated turnover of around ₹10,500 crores. It had acquired debt-ridden Ruchi Soya in a corporate insolvency resolution process for around Rs 4,350 crore after competing with Adani Group.

Patanjali Ayurved had reported a revenue of Rs 8,329 crore in FY 2018-19. However overall the group's turnover was much higher as Patanjali Ayurved consists of mainly its FMCG business and its Ayurvedic medicines.