Tata takes over IPL title Sponsorship from Vivo
The Tata group has replaced Chinese mobile company Vivo as the title sponsor of the Indian Premier League for the 2022 and 2023 seasons according to the Board of Control for Cricket in India (BCCI). A Tata Sons Spokesperson has further confirmed this development.
One of India’s largest corporations, Tata, is reportedly set to pay up to ₹300 crore per year,which is 60% of what Vivo should have paid as the title sponsor of the IPL for the next 2 seasons. According to the Economic Times, the contract reportedly states that Vivo will have to pay the remaining 40%. However, this development can’t be confirmed as the source of this was anonymous.
Jay Shah, the honorary secretary of the BCCI had the following to say about the deal, “This is indeed a momentous occasion for the BCCI IPL as the Tata group is the epitome of global Indian enterprise with an over 100-year-old legacy and operations in more than 100 countries across six continents.”
Shah further added, “BCCI, like the Tata group, is keen to promote the spirit of cricket across international borders, and the growing popularity of IPL as a global sporting franchise bears testimony to BCCI's efforts.”
Vivo and the BCCI had to pause the ₹2,190 crore deal signed by Vivo for the 2018-22 cycle for the 2020 season of the IPL due to the presence of a significant amount of negativity surrounding the India-China Military clash in the Galway Valley, and wanted to avoid any public outlash. In February of last year it was reported by the Economic Times that Vivo was willing to relinquish the title sponsorship of the IPL after witnessing the backlash against Chinese brands, if it found the right price.
Blackstone’s Full Stake in MIndspace REIT Sold to Abu Dhabi Investment Authority
The Largest Commercial office space owner in India, Blackstone Group has sold its whole 9.2% stake in the K Raheja backed MIndspace Business Parks REIT to the Abu Dhabi Investment Authority for $235 Million (₹1740 crore). It has sold the stake through bulk deals on the stock exchange at a price of ₹320 0er unit on January 10th 2022,a 16% premium over the August IPO price of ₹275 per unit and a 2.5% discount to the price of ₹328 per unit at close of the market on the 8th of January.Abu Dhabi Investment group acquired the stake through one of its entities Platinum Illumination.
Blackstone had originally acquired a 15% stake in K Raheja Corp’s commercial real estate portfolio,going public in August 2020 as Mindspace Business Parks REIT. The $600 Million IPO attracted interest from both domestic and International markets, during the pandemic.
Blackstone was able to sell $100 Million worth of stake while retaking a 9.2% stake.Blackstone has made a total 20% Internal Rate of Returns (IRR) after the selling of this stock. Comprising 10 Grade-A office assets of total 31 million sq ft located in India’s 4 key office Markets with 85% of the portfolio leased to huge tenants and 31% renters from the Fortune 500 companies, the REIT has delivered robust performance during the pandemic. 82% of the tenants of the REIT are Multinational corporations. It has been able to collect 99% rents and realised 100% of escalations during the pandemic.
Sunday, January 16th 2022