BENGALURU (Reuters) - Chinese smartphone maker OPPO outbid rival Vivo to be the new sponsor of the India's cricket team and will pay 10.79 billion rupees ($162 million) for a five-year period starting in April, the Indian cricket board (BCCI) said on Tuesday.
Vivo, also a Chinese smartphone manufacturer, was the only other bidder offering 7.68 billion rupees ($115 million) for the rights for the title of the official team sponsor and display a logo on India men's, women's, under-19 and A teams' kits.
OPPO will replace broadcast giant Star India, whose contract ends on March 31.
In the five-year period, India will play 14 home series and 20 overseas series and also includes the ICC Champions Trophy, ICC Cricket World Cup and the World T20 events, BCCI said in a statement.
"Star India gave us 203 crore (about $30.5 million) in four years. OPPO has paid us 1,079 crore over five years, which far exceeds the previous highest (contract)," BCCI Chief Executive Rahul Johri told ESPNcricinfo.
"It really shows the true value of Indian cricket and the belief that companies have in Indian cricket. Because only once you have belief can you put in that kind of amount."
($1 = 66.6315 Indian rupees)
(Reporting by Sudipto Ganguly; editing by David Evans)