Star Group will sponsor the Indian cricket team from January 1, 2014 to March 31, 2017.
It pipped the Sahara Group, which is the current sponsor of the Indian team, to bag the sponsorship rights.
Star Group will pay Rs. 1.92 crore per match.
Sahara Group had withdrawn its sponsorship of the Indian team following its fallout with the BCCI over the Sahara Pune Warriors franchise.
However, Sahara surprisingly entered the fray to bid for the new contract.