Realty firm DLF has decided to end its five-year long association as the title sponsor for the Indian Premier League. The company said that it was a strategic decision to be the title sponsor for the IPL during the first five years and now wants to promote other sports. The contract was due last month and DLF decided against renewing it. The company had spent Rs. 250 crore in five years for IPL.
"We have just stepped off the IPL. Sponsoring IPL over the last five years was a strategic decision wherein we wanted to establish our brand presence across India as the leading real estate player," DLF Group Executive Director Rajeev Talwar told PTI.
"Our IPO came in 2007, a year before the IPL started. We were very aggressive pan-India then. We had good presence in all big cities," he said.
The company added that it is now concentrating on those cities, where the company's core strength lies, he added.
"Currently we enjoy significant reach, brand recall and presence across the country. We believe that we have been able to achieve the desired objectives to a great extent," Talwar said, adding that the company would continue to nurture talent through various CSR initiatives undertaken by DLF Foundation while also actively promoting sports and encouraging healthy living.
"We are looking out for what is the big platform in the country. We want to promote different sports for a good, clean and healthy living, which we do in our all the townships also," he added.
Talking about spending on other sports, he said: "There is no limit and we have not earmarked anything, but it will be less than Rs. 50 crore a year that we spent in IPL."
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