MUMBAI: It’s raining dollars for Mumbai Indians. The team has managed to sign on insurer Bajaj Allianz as its principal sponsor for the next three years. The deal, according to sources, is worth Rs 100 million per annum or Rs 300 million for the duration of the agreement.

“The deal will be for the back of the shirt,” says the source. “And Bajaj Allianz is coming in as a replacement for MasterCard which recently completed a five year arrangement for the same with the
Mumbai Indians.”

The Mukesh and Nita Ambani owned Mumbai Indians has already roped in Videocon d2H as its principal sponsor at a deal valued at over Rs 300 million for the sixth season of the IPL. As a result of the deal, Mumbai Indians, which is to be led by Ricky Ponting, will have its players sporting the Videocon d2H logo on the front of the team jersey.

Mumbai Indians has additionally roped in Air India as an associate sponsor (its logo will feature on the back of players’ helmets) and is hoping to notch up a 10 per cent increase in sponsorship revenues from last year’s Rs 700 million.

Other sponsors of Mumbai Indians include Dheeraj Realty and DHFL.