The sponsorship is for more than three years with the deal commencing from January 1st 2014 till March 31st 2017.
Star Group pipped Sahara Group who is the current sponsor for the Indian team.
In the ongoing contract, Sahara is paying around Rs 3.34 crore for every international match. Their contract ends on December 31 this year. The base price for every match is Rs 1.5 crore and Rs 60 lakh for ICC and Asian Cricket Council events.
According to sources, seven companies - Star, Sony, UB Group, WSG, Games Unlimited, Sahara and Airtel - were in the fray to bag the sponsorship rights.
The Sahara Group, which had said it was not interested in renewing its Team India logo sponsorship contract with the BCCI due to the board's adamant approach towards its IPL team Sahara Pune Warriors, had on Saturday bought the tender papers floated for the new contract.
However, things did not go as planner for Sahara chairman Subrata Roy, who had recently slammed BCCI president N Srinivasan for being "biased" and accused him of shielding his IPL team Chennai Super Kings.
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