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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Rupee starts 2026 on negative note; falls 11 paise to 89.99/ USD in early trade
Mumbai (PTI): The rupee started the new year on a negative note and depreciated 11 paise to 89.99 against the US dollar in early trade on Thursday weighed down by persistent foreign fund outflows.
Forex traders said the rupee entered 2026 with both challenges and cushions, while global uncertainty persists, India’s strong macroeconomic parameters and ample forex reserves provide stability.
At the interbank foreign exchange market, the rupee opened at 89.94 against the US dollar, then lost some ground and touched 89.99, registering a fall of 11 paise over its previous close.
On Wednesday, the last trading session of 2025, the rupee settled at 89.88 against the US dollar.
"While the calendar has changed, volatility is likely to persist. Under Governor Sanjay Malhotra, the RBI appears comfortable allowing the rupee to adjust with market forces, while remaining actively present to smooth excessive moves and maintain orderly conditions," CR Forex Advisors MD Amit Pabari said.
Progress on the paused India–US trade deal remains a key upside risk and could deliver a meaningful confidence boost if concluded, Pabari said. "For now, USD/INR is expected to trade in the 89.30–90.20 range in the near term," he said, adding that a sustained break below 89.30 could open the path toward 88.50.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.09 per cent higher at 98.32.
Brent crude, the global oil benchmark, was trading lower by 0.78 per cent at USD 60.85 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex was trading 194.38 points higher at 85,414.98, while the Nifty was up 47.55 points at 26,177.15.
Foreign Institutional Investors offloaded equities worth Rs 3,597.38 crore on Wednesday, according to exchange data.
