Coke ropes in Sachin, strikes three year deal
New Delhi: Master blaster Sachin Tendulkar is understood to have finalised a three year endorsement deal estimated around Rs 20 crore with beverage major Coca Cola, after rival PepsiCo dropped him about two-and-half years back.
According to industry sources, Coke has struck a three year deal estimated to be worth around Rs 6 crore per year with the ace batsman.
PepsiCo had dropped Tendulkar as part of its strategy to phase-out aging brand ambassadors, which included ex-India captains Sourav Ganguly, Rahul Dravid and Bollywood superstar Shah Rukh Khan.
Instead, PepsiCo had roped in younger celebrities, including Ranbir Kapoor and Deepika Padukone, as part of its Youngistaan campaign.
Coke will be shooting a new television commercial early next month for Tendulkar which has been scripted by noted adman and writer Prasoon Joshi, a source added.
When contacted Coca Cola India said, "We have not entered into any contractual agreements with Sachin Tendulkar. We are always in discussions with any number of leading celebrities with regard to their support of our brands and initiatives, but we only announce formal agreements after they are signed."
Even, World Sport Group that manages Tendulkar`s brand endorsements declined to comment on the same.
The master blaster, who was dropped by PepsiCo after their long-standing contract expired in May 2008, has been enjoying tremendous form over the last 18 months and had notched up his world record 51st test century in the ongoing third test match against South Africa.
Tendulkar`s brand equity has also been on the upsurge and in December automobile lubricant maker Castrol India had struck a two-year long brand endorsement deal with him for an undisclosed amount.
Interestingly, he is also reported to have turned down a Rs 20 crore offer to endorse a liquor brand recently.
As per industry estimates, Tendulkar charges about Rs 5 crore per endorsement.
The 37-year-old right-handed batsman currently endorses a host of brands and companies, including Toshiba, ITC, Boost, Canon, RBS, Reynolds, Jaypee Cements and Aviva.