The country's largest realty firm DLF is ending its five-year association with the Indian Premier League as the title sponsor. It has not renewed its contract that was due by last month.
The company said it planned to promote other sports and is currently exploring various such platforms for association. Last week, it gifted an Audi Q5 each to four Olympic medal winners from Haryana.
"We have just stepped off the IPL. Sponsoring IPL over the last five years was a strategic decision wherein we wanted to establish our brand presence across India as the leading real estate player," DLF Group Executive Director Rajeev Talwar told PTI.
The last date for renewal of the contract was July 28 and the company did not do it. The firm has the first right of refusal for title sponsorship of the Twenty20 league, Talwar said.
"Our IPO came in 2007, a year before the IPL started. We were very aggressive pan-India then. We had good presence in all big cities," he said.
DLF is now concentrating on those cities where the company's core strength lies, he added.
"Currently we enjoy significant reach, brand recall and presence across the country. We believe that we have been able to achieve the desired objectives to a great extent," Talwar said, adding that the company would continue to nurture talent through various CSR initiatives undertaken by DLF Foundation.
The company has spent Rs 250 crore in five years for IPL, he added.
Talwar said, however, DLF will continue to be very active in promoting sports and encouraging healthy living.