Sahara India is set to extend its existing sponsorship of the Indian cricket team and the new deal could be worth anything between Rs 200 to 300 crore for three to five years.

The present contract between the Board of Control for Cricket in India and Sahara expires on November 30 or at the end of the coming one-day series against South Africa [Images] but "we are keen to extend the existing association," Abhijit Sarkar [Images], communication director of the conglomerate, said from Chennai.

The previous deal was worth Rs 100 crore for three years and the new one could involve a substantial hike. But Sahara is not backing away from the prospect.

Acquiring a new sponsorship deal seems to be a cakewalk for Sahara as the Board has acknowledged that the former reserves the first right of refusal.

It means that if there is a new attractive offer from another company, Sahara would be given the first chance to match the amount, BCCI treasurer Jyoti Bajpai said.

Even if a prominent mobile network operator, as is believed, makes a pitch to sponsor the Indian team, it would matter little since Sahara is prepared to go the extra distance to secure the contract.

Typical of the Board though, it has not floated tenders or invited bids even though only three weeks remain for the expiry of the existing contract.

Gautam Dasgupta, Joint Secretary of the Board, however assured that the process of inviting bids would start in a few days.

As per the eligibility criterion, the bidder must be Rs 500-crore asset company and should not be engaged in liquor or cigarette businesses.

There are rumours that a major bike and consumer product company could be interested in sponsoring the team.

However, that could lead to problems as many Indian cricketers have personal endorsement with rival companies.

Interestingly, Sahara India has consistently ignored the digressions, which Indian cricketers indulge in from time to time.

A leading consumer product company, for instance, regularly advertises a clutch of Indian cricketers terming it as their team, but Sahara prefers to look the other way.

The increased sponsorship amount would mean a windfall for the cricketers, both national and international.

As of now, 26 per cent of Board's gross revenue is provided to cricketers - 13 per cent each to domestic and international players.