‘Faulty’ pact between Indian Olympic Association, Reliance India led to loss of Rs 24 crore: CAG
The agreement gave undue favour to Reliance India, said a report by the auditing body.
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A “faulty” sponsorship agreement between the Indian Olympic Association and Reliance India Limited led to a loss of Rs 24 crore to the sporting body and gave undue favour to the company, the Comptroller and Auditor General has said, Hindustan Times reported on Saturday.
The Indian Olympic Association manages the country’s athlete contingent at international sporting events. The current president of the sporting association is PT Usha.
In a report on September 12, the Comptroller and Auditor General said that Reliance India was given rights to be the “Official Principal Partner” of the Indian Olympic Association for the 2022 and 2026 Asian Games, the 2022 and 2026 Commonwealth Games, the 2024 Paris Olympics and the 2028 Los Angeles Olympics.
This sponsorship agreement was signed on August 1, 2022, according to the Hindustan Times.
As per its terms, Reliance India was also given the rights to construct the “India House”, a pavilion to showcase the country’s culture and hospitality, during these games.
On December 5, 2023, the agreement was amended to give Reliance India the additional rights to the Winter Olympic Games and the Youth Olympic Games for both 2026 and 2030, the report said.
“The IOA [Indian Olympic Association] did not watch their own interest as there was no change in consideration amount i.e Rs 35 crore which was set in...
