US tech giant Amazon has reportedly pulled out of the bidding process for the media rights of the Indian Premier League (IPL) for the 2023-2027 seasons. The projected worth is estimated to be more than 500 billion rupees ($6.4 billion), a source with knowledge of the company's plans said on Friday.

The decision comes just two days ahead of the bidding for the television and digital broadcast rights of the hugely popular Indian Premier League.

Amazon had decided not to participate in the bidding as the company did not find it a feasible opportunity for growth in India, said the source, who sought anonymity as they were not authorized to speak to the media on the issue.

IPL could see up to 94 games in a single edition during 2023-27 cycle: Report

This means that the field is open for the rest of the bidders such as Reliance, which will bid through its broadcasting joint venture Viacom 18, Disney Plus Hotstar, and the India unit of Sony Corp when bidding takes place on Sunday.

Disney-owned Star India, which is one of the country's top broadcasters, along with Sony and its planned acquisition of Zee Entertainment Enterprises Ltd, paid 163.48 billion rupees ($2.1 billion) for the rights until 2022.

IPL media rights have been the reason for Disney's huge lead over rivals in the cricket-mad subcontinent, luring more than 50 million paid subscribers to its platform, Disney Plus Hotstar, as per analysts.

(Reuters inputs)