Rajasthan Royals ropes in Paras Pharma as lead sponsor
Rajasthan Royals has roped in Ahmedabad-based health and personal care major Paras Pharma as their lead sponsor for the third season
of the Indian Premier League (IPL) that starts in April 2010. While the details of the deal are not known, the pharma company is said to have paid Rs 10 crore for sponsoring the champions of the inaugural edition of IPL. Aditya Birla Group firm UltraTech Cement was the main sponsor of the Rajasthan Royals during the last edition of IPL.
Shane Warne-led Rajasthan Royals players would sport the logo of Paras’ flagship brand, Moov. The Rs 400-crore Paras Pharma owns a portfolio of 15 popular brands including Krack, D’Cold, Dermi Cool and SetWet.
Earlier this year, Emerging Media group-owned Rajasthan Royals sold a 12% stake to London-based entrepreneur Raj Kundra and Bollywood actor Shilpa Shetty in a deal valuing the Jaipur franchise at $140 million.
Private Equity firm Actis owns 60% in Paras, which was founded by the Ahmedabad-based Patel family. One of the brothers, Girish Patel, continues to hold 30% in the company, while the remaining is held by another PE firm Sequoia Capital.
Commenting on the development, a marketing consultant said choice of Rajasthan Royals makes a perfect sense for a Gujarat-based company since the state does not have its own team in the league yet.
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