There were two bidders in the fray - STAR India and Sahara India Financial Corporation but Sahara's bid was found to be ineligible.
The team sponsorship rights covers BCCI events, ICC events and ACC events. The rights include the right to be called the 'Official Team Sponsor,' and to display a commercial logo on the team clothing of the senior men's cricket team, the under-19 men's cricket team, the Men's A-Team and the women's team.
As per the BCCI's official statement, the decision was taken at a meeting of the BCCI's Marketing Committee on December 9. The tender document, which was available from November 11, was picked up by seven prospective bidders. The tender was floated because the BCCI-Sahara contract will end on December 31, 2013.
Sanjay Patel, honorary secretary, BCCI, says, "STAR is the title sponsor for BCCI international and domestic matches for the period October, 2013 to March 31, 2014, as well as the holder of the broadcast, internet and mobile rights of cricket in India, for the period July, 2012 - March, 2018. STAR has a deep understanding of the game of cricket and what it means to the nation. We are pleased to extend our association with them."
Uday Shankar, CEO, STAR India, adds, "STAR is delighted to become the official sponsor of the Indian cricket team. It's a team of brilliant talent and we are proud to be associated with them. This is further endorsement of STAR's deep commitment to Indian cricket and Indian sports in general."