The deal struck with the Cricket Board is worth Rs 313.8014 crore, it was announced at a press conference here.
The previous sponsorship deal with BCCI had been struck by Sahara India Parivar for Rs 235.7014 crore.
The private carrier would be the sponsor for all of India's matches at home and away but for ICC-backed tournaments like World Cup and Champions Trophy.
The decision to award the rights to Sahara, for the period between January 2006 to December 2009, will be formally ratified by Cricket Board's Marketing Committee tomorrow.
One of the bidders said the entire process of awarding the sponsorship rights had been "open and transparent".
Two Australian Cricket Board officials were present as observers during the bidding process.