Business conglomerate Sahara Group on Thursday returned as the main sponsor of the world's richest cricket body, reversing its earlier decision to end all commercial ties with the Board of Control for Cricket in India (BCCI).

Sahara will also continue as the Pune franchisee of the Indian Premier League (IPL) Twenty20 tournament, group chairman Subrata Roy and BCCI president N. Srinivasan said in a joint statement.

Sahara confirms that it will continue sponsorship of the Indian team. Sahara may want to exercise its right to assign the sponsorship as per the agreement, they said.

Citing instances where it has been denied natural justice in IPL, Sahara on February 4 snapped a decade-long one-sided emotional relationship with the board.

Sahara's existing sponsorship deal, at $719,000 per match, will end on December 31, 2013.

Sahara bid $370 million to win the IPL Pune franchise in 2010 and invested $100 million in Force India for a 42.5 percent stake in the Formula One team last year.