The Indian Olympic Association has renewed its association with financial services conglomerate Edelweiss Group and has signed new partnerships with fabric manufacturer Raymond and sportswear brand Shiv Naresh.
Edelweiss will sponsor the Indian team at the 2018 Commonwealth Games and Asian Games, the 2020 summer Olympic Games, and the National Games in 2018 and 2019.
The new deal comes after Edelweiss served as the principal partner of the IOA for the Rio 2016 summer Olympics.
As part of the new agreement, all Indian athletes competing at the upcoming Commonwealth Games in Australia’s Gold Coast region will be offered life insurance cover of Rs5m (€63,000/$77,000).
IOA secretary general Rajeev Mehta said: “Earlier, sponsors were associated only on the basis of select Games. But long-term planning and transformation of Olympic governance can only be achieved with long-term partnership. The new partners are making valuable contribution to the Olympic movement in India. Our athletes are direct beneficiaries of the support extended by our partners.”
Rashesh Shah, chairman and chief executive of Edelweiss Group, added: “More private sector players need to come forward to support eminent organisations such as the Indian Olympic Association and help co-create and develop a comprehensive sports framework.
“In order to be at part with our global peers, India needs a sports ecosystem, one which has both public and private partnerships across education, business, development, jobs, and more. Most importantly an ecosystem that will go a long way in securing our athletes future by offering more specialist jobs and entrepreneurial opportunities, thereby encouraging athletes to be unlimited in their aspirations and confidently come forward and play sports.”
The IOA has also agreed deals for Raymond and Shiv Naresh to become its styling partner and official sports apparel partner, respectively, for Gold Coast 2018.
India will send a team of 227 athletes to the Commonwealth Games, which run from April 4-15. The announcement was made in the presence of athletes including Manpreet Singh (pictured) and Rani Rampal, captains of the men’s and women’s hockey teams, respectively.