Real estate major DLF plans to leverage the power of cricket to enhance its brand image across the country and has earmarked Rs 100 crore investment (Rs 1 billion) in next two years on sponsorship, cultural events and advertisements.
DLF is sponsporing the tri-series cricket tournament involving India, Australia and West Indies to be held in Malaysia during September 12-24.
This is the second time DLF is sponsoring an international cricket tournament after Abu Dhabi tournament in April this year.
"DLF CUP (cricket) represents collaboration of the largest real estate group with the most popular game (in the country) beacuse this group is also seeking to expand its presence all over the country," Group Executive Director Rajeev Talwar told PTI.
According to industry sources, the company has already spent Rs 30 crore (Rs 300 million) on cricket and advertisements in the current fiscal and plans to invest another Rs 70 crore (Rs 700 million) by 2007-08 on establishing DLF CUP, cultural events and ads.
DLF Cup would become a major sport property, he said and added that that it would be mutually helpful to us.
DLF is focusing on the game of cricket and has increased ad spends to bolster its brand image, which would help in its plan to come out with the country's largest public offer of about Rs 13,600 crore (Rs 136 billion), sources said.
DLF, whose plans to come out with an IPO collapsed after the company withdrew its prospectus last month, has started the process again and is likely to re-submit the DRHP with market regulator Securities and Exchange Board of India by end of this month or early October.
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