Mumbai: Chinese phone manufacturer Vivo has bid 21.99 billion rupees ($341.1 million) to retain the title sponsorship of cricket's Indian Premier League Twenty20 tournament for the next five years, the country's board (BCCI) said on Tuesday.

Vivo replaced PepsiCo as IPL's title sponsor for the previous two seasons after the global food and beverage giant ended its association in 2015 following a corruption scandal in the cash-rich Twenty20 tournament.

"In the upcoming five IPL seasons (2018-2022), Vivo and IPL will have extensive cooperation in terms of sports events, on-ground activations and marketing campaigns," the BCCI said in a statement.

The new deal was a 554 percent increase over the previous contract, the BCCI added.