CAG report highlights ₹24 crore loss to IOA due to faulty agreement with RIL
New Delhi: The Indian Olympic Association (IOA) has incurred a loss of ₹24 crore due to a flawed sponsorship agreement with Reliance India Limited (RIL), according to a report by the Comptroller and Auditor General of India (CAG). The CAG audit points to undue favor granted to RIL through the sponsorship deal.
The agreement, initially signed on August 1, 2022, granted RIL the status of Official Principal Partner for the 2022 and 2026 Asian Games, 2022 and 2026 Commonwealth Games, 2024 Paris Olympics, and 2028 Los Angeles Olympics. Subsequently, the agreement was amended on December 5, 2023, to include additional rights for the 2026 and 2030 Winter Olympic Games, as well as the 2026 and 2030 Youth Olympic Games, without a corresponding increase in the consideration amount.
According to the CAG report, despite the addition of four more events, the consideration amount remained unchanged at ₹35 crore. The report stated that the consideration should have been revised to ₹59 crore, calculated at ₹6 crore per game. As a result, the IOA suffered a loss of ₹24 crore.
IOA President PT Usha has been asked to respond to the half-margin issued by the CAG regarding the agreement. Ajay Kumar Narang, executive assistant to PT Usha, stated that the agreement had to be renegotiated due to a flaw in the original tender, which did not account for changes made by the International Olympic Committee (IOC) regarding the naming rights of sponsor houses.
IOA treasurer Sahdev Yadav has raised concerns over the lack of consultation with the executive council and sponsorship committee during the amendment of the agreement, questioning who authorized the changes that benefitted RIL.
The report has called for an explanation from the IOA on why the amount was not enhanced as required, stating that the association failed to safeguard its own interests.
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Andhra to be developed as knowledge, creator economy hub: CM Naidu
New Delhi/Amaravati (PTI): Andhra Pradesh Chief Minister N Chandrababu Naidu on Friday said the state is taking steps to transform itself into a knowledge and creator economy hub with a strong focus on artificial intelligence and quantum technology.
He noted that Andhra Pradesh has abundant tech-driven youth and the government is formulating plans to train them in futuristic technologies with support from global technology firms.
"Our goal is to transform Andhra Pradesh into a knowledge hub by focusing on AI, quantum computing, data centres, drone cities and space cities. The youth will remain our biggest asset over the next 25 years, and we seek global partnerships to scale up the creator economy," said Naidu during his interactions at the India AI Impact Summit 2026 in Delhi.
Naidu, who participated in the summit in the national capital, also held meetings with several global technology leaders and industrialists to explore collaborations in artificial intelligence, clean energy and innovation ecosystems.
He met Adobe CEO Shantanu Narayen, Autodesk AI Head Mike Haley, Aramco India Director Abdul Rehman AiThukair, LEGO Education Vice President Tom Hall, Aadhaar Founder and CTO Srikanth Nadhamuni, Khosla Ventures Managing Partner Vinod Khosla and others at the AP Pavilion.
The chief minister also held discussions with Saudi Aramco representatives on clean energy projects, including solar initiatives, and invited the company to expand operations in Andhra Pradesh, stating that the state is highly suitable for green energy production.
He sought support from NVIDIA Vice President Callista Redmond for establishing AI Living Labs and proposed partnerships through the Ratan Tata Innovation Hub to promote youth innovation, including collaborations with IIT Tirupati and Indian Institute of Science Education and Research (IISER) Tirupati under the Andhra Pradesh Future Innovation and Research for Science and Technology (AP FIRST) initiative.
Naidu urged Autodesk leadership to support the development of Global Capability Centres in design engineering and requested the establishment of an Innovation Academy in Amaravati aligned with quantum technology, besides proposing AI and robotics learning labs in partnership with LEGO Education.
He also discussed AI-driven smart governance solutions with Quantela Inc Chairman Sridhar Gadhi, while World Bank Group Digital AI Regional Director Mahesh Uttamchandani met Naidu on the sidelines of the summit.
Following the meetings, Naidu visited various exhibition stalls at the summit, including those of NVIDIA, Tata, Intel and Microsoft, and reviewed AI applications across agriculture, healthcare and industry.
