Its credibility at stake, Rose Valley struck KKR deal for brand-building last year
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In 2010, the company's operations came under SEBI scanner, in two years it started investing in sports, media, entertainment in a big way.
Among the many non-banking financial firms, which have come under scanner of various market and financial regulators in the wake of Saradha Group going bust, is Rose Valley. The company used to run a Collective Investment Scheme (CIS) — also called as chit fund — under the name of Ashirvad. The company was said to have mobilised Rs1,207 crore by selling 508,792 plots. They, however, reportedly handed over only 9,045 plots. After 2010, when the company came under the SEBI scanner and the scheme was stopped abruptly — the matter is now sub-judice — Rose Valley curiously has been investing in sports, entertainment and media and are also entering big into the hospitality business.
It tied up with the Indian Premier League team Kolkata Knight Riders (KKR) last year after becoming the team's principal sponsor with a deal of Rs 5.5 crore. The sponsorship amount has been increased 10 per cent this season, and the agreement also has a clause of extending the contract for one more year with a hike of a further 10 per cent.
Under the agreement, the company's logo presentation is mandatory on top chest in the team shirt. Any three Knight Riders players have to be made available for brand promotions. KKR co-owner Shah Rukh Khan has to provide time two days a year to support the company. The company must have a hospitality box at the stadium and there has to be instadia visual display which is called perimeter signage.
Interestingly, the agreement was not made with the KKR owner. Rather, it has been signed with KKR Sports Private Limited which has Venky Mysore as its CEO.
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