Soft drink giants Pepsi have become the new title sponsors of the cash rich Indian Premier League after it won the bid for title rights for five years by paying a whopping Rs 396 crores. Pepsi pipped Aircel, which had offered Rs. 316 crores, in the bid for the title sponsorship of the Twenty20 tournament. IPL Chairman Rajeev Shukla said that the title-sponsorship contract was for five.year period and will end in 2017. Realty firm DLF ended its five-year-long association with the IPL as the title sponsor in August and the BCCI floated the tenders last month. DLF paid Rs 200 crore for the five year period of 2008-12.

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