Pepsi pipped Aircel, which had offered Rs 316 crores, in the bid for the title sponsorship of the Twenty20 tournament.
IPL Chairman Rajeev Shukla said that the title-sponsorship contract was for five-year period and will end in 2017.
Realty firm DLF ended its five-year-long association with the IPL as the title sponsor in August and the BCCI floated the tenders last month. DLF paid Rs 200 crore for the five year period of 2008-12.
"So far our records of selling various properties of IPL has been very good. We have doubled, tripled or quadrupled the amount while selling some of the properties," Shukla told reporters after the meeting of the IPL Governing Council.
Deepika Warrier, Executive Director Marketing of Pepsico Beverages, said she was very happy that the company has reaffirmed its commitment to cricket.
"We have been associated with cricket for the last 20 years. The IPL is a tremendous product. It is a brand which rivals any other sporting brand across the world," she said.
The title sponsor rights include a number of branding and other marketing benefits to be received by the title sponsor at every IPL match during the season as specifically outlined in the Invitation to Tender.
The BCCI had made it clear in its tender notice that the companies which intend to sell off the rights after winning the bid are ineligible to apply in the first place.
Only corporate entities, whether in India or abroad, which are interested in placing a bid for themselves and/or their holding or subsidiary company(ies), for the purpose of the advertisement and promotion of their own brands within their primary product or services categories were eligible to participate in this tender process and to submit bids.