IOA, CII sign MOU for sports promotion

IOA, CII sign MOU for sports promotion
Express News Service

New Delhi, April 27: Even as the Confederation of Indian Industries went through its National conference and the annual sessions here in the capital, it managed to find some time to sign a significant a Memorandum of Understanding to promote Olympic sports in the country.

The MOU, which called for "encourage, support and guide through mutually agreed plans of cooperation, to promote sports in India" was signed by CII president Rahul Bajaj and IOA chief Suresh Kalmadi.

The agreement comes close on the heels of the recent announcement in the budget which cleared 100 percent tax exemption for sponsporship of sports. This means increased sponsorship of sports activities by CII members, development of sports infrastructure and cooperation between the corporate sector and national sports federations.

Bajaj added that the CII will also support IOA in organising the Afro-Asian Games here next year and New Delhi's bid for the 2006 Asian Games and the subsequent holding of the event in case India wins the bid.

A jubilant Kalmadi called the signing of the MOU as a red-letter day in sports.