PepsiCo submitted the winning bid for five-year sponsorship of the Indian Premier League Twenty20 cricket tournament. The company's bid of nearly $72 million was "the largest investment the company has made in the game of cricket," said Pepsi India.
Wrigley recently announced its partnership with the Indian Premier League cricket teams, and the company continues to thrive in India. But bubble gum is more popular there than chewing gum is, which is opposite from the company's findings in other countries.
Cadbury Schweppes hopes to catch up with competitors Wm. Wrigley Jr. Co. and Italian company Perfetti Van Melle in the race for dominance in India's growing bubble-gum market with its July launch of Bubbaloo. Chief Executive Todd Stitzer has applied tested strategies used in emerging markets such as India to focus the company's attention on its confectionery business.