Sahara which decided to part ways with from the Indian Cricket team last week will be signing a five-year deal with Indian Hockey team
New Delhi: Their association with cricket might have gone sour but Sahara Group is set to renew its long-term sponsorship deal with Indian hockey by signing a five-year agreement with Hockey India, the modalities of which have been worked out, reports PTI.
Under the agreement, expected to be signed in the next few days, India's men's and women's hockey teams at both the senior and junior level will get the financial backing of the corporate giant till 2017.
"More or less everything has been finalised. Most probably tomorrow, the agreement would be signed. We are hoping for a deal worth between Rs15 to Rs17 crore because we need more money to promote the sport," a Hockey India official told PTI on condition of anonymity.
When contacted, a top official of Sahara said the company is keen to continue its association with hockey and the picture will become clear within the next two to three days.
"Nothing has been finalised as yet. Talks are on with Hockey India and within next 2-3 days we are expecting to take a decision," Sahara India's corporate communications head, Abhijit Sarkar told PTI.
"Our sponsorship deal with Indian hockey ended last month after and Hockey India has approached us to renew the contract," he added.
If a deal is worked out, the Indian team will sport the Sahara logo on their jerseys during the Olympic qualifiers to be held here from February 18 to 26.
Indian hockey's six-month extended sponsorship deal with Sahara ended last month before the five-match Test series against South Africa (for men) and four-Test rubber against Azerbaijan (for women), following which HI approached the company for another extension on a pro-rata basis.
The Sahara Group had first signed a sponsorship deal with then Indian Hockey Federation in July 2003 for eight years.
The development comes as a major boost for the Indian team in this Olympic year.
The men's team will face Canada, Singapore, France, Italy and Poland, while the women's team will square off against South Africa, Poland, Canada, Ukraine and Italy in the Olympic qualifiers.
Earlier, in a sudden development Sahara, sponsor of the Indian Cricket team for over 11 years, decided to part ways with the BCCI last week.
The company had announced that the money saved would be used for the development of other sports and welfare work.
The Norway government, which holds majority stake in Uninor is worried about its investment of about Rs14,000 crore in Indian operations after the SC judgement to cancel its licenses
New Delhi: Initiating dialogue at diplomatic level post cancellation of Uninor's 2G licences, Norway's IT Minister Rigmor Aasrud on Tuesday met telecom minister Kapil Sibal and discussed way forward while raising concern over its investments in Indian operations, reports PTI.
Uninor, a joint venture between Norway's Telenor and Indian realty player Unitech with Norwegian firm holding over 67%, offers services under Uninor brand across the country. The Norway government, in turn, holds majority stake in Telenor.
"We had good, fruitful and constructive meeting with telecom minister. We took up Telenor's case along with other issues," Asrud told reporters after the meeting.
Telenor claims to have invested over Rs14,000 crore in Indian operations to pick up stake in Uninor and roll out services across several circles.
Uninor has already said that it would file a review petition in the Supreme Court and also take up the matter with the government to secure its investments here.
"We are talking to the government because we need to protect our investment and we also need to make sure that there is a framework for continuing our operations and this is what all our discussions are all about," Uninor Managing Director and Telenor's Asia head Sigve Brekke said.
The company has said that it would wait for new rules on spectrum auction before taking a call to participate in it.
The Mahesh Rupay ATM card is expected to draw more users to its ATM channel and also reduce the overall transaction costs for the bank.
The A.P. Mahesh Co-operative Urban Bank has launched its Mahesh RuPay ATM card in collaboration with National Payment Corporation of India (NPCI). Intended primarily for no frills account holders, the Rupay ATM card is expected to draw more users to its ATM channel and also reduce the overall transaction costs for the bank.
Commenting on the launch, A P Hota, managing director and chief executive officer of NPCI said that in the longer run, increasing use of ATM cards will prove to be cost-effective for both the lenders and its customers and that the A P Mahesh Co-operative Urban Bank had taken a lead in the cooperative sector in south India by launching its ATM card.
According to reports, the bank's business has crossed Rs1775 crore and it plans to expand its branch network to other states in the country. At present, it has a total of 36 branches majority of which are located in Hyderabad and its twin city, Secunderabad.