Mumbai: Luminous Brand Power Technologies’ battery and inverters company has extended its endorsement deal with Tendulkar for another five years, till 2024.
According to Vipul Sabharwal, Managing Director of Luminous Power Technologies, Tendulkar will give two-three days every year for the commercial campaigns, and apart from that the company will also take him to their locations for ‘meet and greets’. While he refused to share the financial details of the contract. However, the Industry executives said the contract is worth Rs 22-25 crore.
“We are very happy with our association with Sachin and wanted to sign him for a longer duration. We see tremendous value and so we decided to renew the contract now only, rather than waiting till end of the existing one,” Sabharwal.
The current contract with Luminous was to end in June 2019. This is the second endorsement deal that Tendulkar has signed this year. In August, Tendulkar has signed a five-year endorsement contract with Apollo Tyres. Tendulkar also endorses BMW, DBS, Sony Pictures Networks Sports Cluster, IDBI Federal Life Insurance, Oxigen, Future Group, Livpure, and Rorito.
Tendulkar’s commercial interests are managed by his company SRT Sports Management.
Mrinmoy Mukherjee, CEO of SRT Sports Management, told ET that Tendulkar is one sportsperson who has got stronger post retirement. “He has taken some big calls. He is involved with a lot of social causes, including Skill India, UNICEF and working for social empowerment. He is also looked upon as an icon and people endear him more now. So while we are 60% down on total number of brands he is endorsing, the value is much higher,