While the two companies refused to comment on the value of the sponsorship deal, market sources say that the two-year deal could be worth upwards of ’40 crore. The sponsorship deal for IPL 2023 was worth around ’15 crore.
Luminous Power Technologies MD Preeti Bajaj noted that the company’s brand awareness has gained immensely because of the partnership with Rajasthan Royals.
“Our partnership with Rajasthan Royals has also helped us create a substantial impact on not only our current but prospective customers as we evolve being a technology company,” she told ET.
Recently, Luminous announced that it will invest ‘2,000 crore to expand plant capacity, a solar greenfield project, research and development, digitisation, brand building, and channel engagements.
Luminous has been a big believer in cricket to connect with its consumers, given its long association with Sachin Tendulkar as its brand ambassador. It has also appointed Virat Kohli as a brand ambassador for its brand Amaze.Rajasthan Royals CEO Jake Lush McCrum said Luminous got over a 40x return on their sponsorship investment in terms of media exposure during IPL 2023. “Now that we’ve got another two years, we can do bigger projects and competitions to engage fans and consumers. Both companies will have a deeper connection, which will obviously drive greater business results and an improved brand impression for Luminous,” McCrum added.
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