Published: Aug 26, 2014, 06:50 PM (IST)
Edited: Aug 26, 2014, 06:50 PM (IST)
Chandigarh: Aug 26, 2014
Low cost carrier AirAsia India on Tuesday announced its association with the Indian Premier League (IPL) side Kings XI Punjab by becoming one of its sponsors.
“Showing our commitment to Chandigarh, we are going to be sponsoring Kings XI Punjab,” AirAsia India, CEO, Mittu Chandilya told reporters in Chandigarh on Tuesday. The low-cost carrier today also announced to commence its flight from Chandigarh to Bangalore from September 5.
AirAsia currently flies from Bengaluru to Chennai, Kochi, Goa and vice versa. AirAsia is a joint venture between Tata Sons Limited, Telestra Tradeplace and AirAsia with AirAsia holding 49 per cent, Tata Sons holding 30 per cent and rest with Telestra Tradeplace.
Kings XI Punjab, which made it to the final in last IPL, is co-owned by Bollywood actress Preity Zinta. According to the shareholding pattern, actress Preity Zinta and industrialist Ness Wadia have 23 per cent stake each while industrialist Mohit Burman has 46 per cent, Karan Paul chairman of Apeejay-Surrendra Group and Delhi based company Root Investment have four per cent each.
IPL cricket franchises’ major source of income is from franchise rights, sponsorship fee, merchandise sales and ticket sales while their bulk of expenses include franchise fee to the board, players’ cost etc. KPH Dream Cricket, which owns Kings XI Punjab, had shown profit to the tune of Rs 78.01 lakh for the first time since the start of IPL in 2008.
It had declared profit before tax for the financial year 2012-13, as per financial documents including profit and loss account of the company filed with Registrars of Companies (RoC).
