Mumbai. HDFC were not willing to pay any more than Rs 4 crore for the sponsorship but Rajasthan wanted something in the Rs 6-7 crore bracket.
according to media reports Rajasthan royal will be looking for a new sponsor.
Close on the heels of Hero MotoCorp pulling out the IPL, HDFC Life have also ended their association, they were the Principal Associate Sponsors, with the struggling Rajasthan Royals.
The Enforcement Directorate (ED) had recently slapped a penalty notice of approximately Rs. 100 crore against IPL team Rajasthan Royals for allegedly violating forex laws in its business operations. And pullout with HDFC Life Insurance will hit them hard.