Saturday, June 19, 2010

CWG OC Struggling To Raise Rs 1,600 Crore To Repay Loan

Will the 2010 Commonwealth Games' Organising Committee (OC) be able to repay Rs 1,600 crore it has taken as loan from the Centre to host the mega event? OC's reply to an RTI filed to find out the amount of money so far raised from the sponsorship of the Games, paints a grim picture. With just four months to go for the Games, the OC has been able to raise just Rs 243 crore through sponsorship deals. Sponsorships, apart from television rights, are expected to form the major chunk of money for the organisers, who are also expecting to raise some money through merchandising and ticket sales. According to OC's reply to the RTI on May 11, it has on board only five sponsors — Air India, NTPC, Hero Honda, Central Bank of India and Coca Cola — for the Games so far. It has raised Rs 143 crores in cash from the sponsors and got Rs 60.70 crore in kind. Another Rs 100 crore has been promised by the Indian Railways.

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