Air Sahara, a part of the Sahara India conglomerate, on Monday won the rights for sponsorship of the Indian cricket team for the next four years.
The deal with the Board of Control for Cricket in India is worth Rs 313.8014 crore, it was announced at a press conference in Delhi.
The previous sponsorship deal with the BCCI was struck by Sahara India Parivar, for Rs 235.7014 crore.
The private carrier will be the sponsor for all of India's matches at home and away, except ICC-backed tournaments, like the World Cup and Champions Trophy.
The decision to award the rights to Sahara, between January 2006 to December 2009, will be formally ratified by Board's Marketing Committee on Tuesday.
One of the bidders said the entire process of awarding the sponsorship rights had been "open and transparent".
Two Australian Cricket Board officials were present as observers during the bidding process.