Indian Premier League (IPL) has roped in soft-drink giants Pepsi as its title sponsors on Wednesday for a whooping Rs 396 crores.

Aircel was piiped by Pepsi, which had offered Rs 316 crores, in the bid for the title sponsorship of the Twenty20 tournament.

IPL Chairman Rajiv Shukla said that the title-sponsorship contract was for five-year period and will end in 2017.

Realty firm DLF ended its five-year-long association with the IPL as the title sponsor in August and the BCCI floated the tenders last month. DLF paid Rs 200 crore for the five year period of 2008-12.