The record deal comes after compatriot Kidambi Srikanth was offered a cool Rs 35 crore by the Chinese company last month.
Top Indian shuttler PV Sindhu has signed India’s biggest sports sponsorship deal for a non-cricketer, and the biggest for any female athlete in the country.
Sindhu, the first Indian woman to win an Olympic silver medal, has signed a four-year deal with Chinese premium sports brand Li-Ning. The deal, pegged at Rs 48 crore, includes sponsorship money and Rs 5 crore in equipment supply till 2023.
One of the leading sports brand companies in China, Li-Ning Company Limited, had signed a similar four-year deal worth Rs 35 crore with K Srikanth.
“Sindhu is surely the biggest female athlete of our country and her sports apparel plus shoes and racket is a very important category. Li-Ning is one of the top brands and an association with them will help Sindhu in the next phase of her journey,” said Tuhin Mishra, managing director, Baseline Ventures.
Sports marketing firm Baseline Ventures, which exclusively manages Sindhu’s commercial interests, is also promoter of the ongoing Pro Volleyball League.
Incidentally, Sindhu had donned Li-Ning’s colours in the past (2014 and 2015) also. But for the last three years, rival brand Yonex was sponsoring her.
One of the top sports celebrities with annual income of over Rs 30 crore from sponsorship deals, Sindhu also endorses PNB MetLife, Vizag Steel, Bank of Baroda, Apis Honey, Johnson & Johnson, Moov, Gatorade, Panasonic Battery, Bridgestone, Mission sports, JBL and Myntra.
Duff & Phelps, the global valuation and corporate finance advisors, ranked Sindhu at 15th place among India’s most valuable celebrity brands with a brand value of $21.6 million in 2018.
The Chinese sports manufacturer mainly provides sporting goods including footwear, apparel, equipment and accessories for professional and leisure purposes, primarily under the Li-Ning brand.
In the past, Li-Ning had been supporting the badminton teams of China, Indonesia, Singapore and Australia and was the official sponsor of the Indian contingent at the 2018 Asian Games in Jakarta.
Li-Ning is also currently Team India’s official apparel partner till the 2020 Olympics in Tokyo.