Financial services company IDBI Fortis Life Insurance has won the title sponsorship for India’s upcoming cricket tour of Sri Lanka.
The ODI series will 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.
GV Nageswara Rao, managing director and CEO, IDBI Fortis Life Insurance, 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.”
According to Raju Udupa, executive vice-president, Neo Cricket, IDBI Fortis paid Neo Cricket Rs 14 crore for the title sponsorship, and the sports channel is anticipating around Rs 80 crore in revenues from the series.
Last week, Nimbus Sport International won the global broadcasting and sponsorship rights of the India-Sri Lanka series 2009 for a sum of Rs 45 crore.
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.”
Hero Honda and Jaypee Cement have also been signed as official sponsors for the series. Yannick Colaco comments, “The addition of Hero Honda and Jaypee Cement as official sponsors adds to the prestige of the IDBI Fortis Wealthsurance Cup and is an eloquent testimonial of the pan-Indian platform that cricket provides, cutting across all demographics.”.
Neo Cricket has floated spot rates of Rs 2.25-2.5 lakh per 10 seconds for the one-dayers and Rs 3.5-4 lakh for the T20 match.