An announcement for setting up of the foundation was made by the legend's grandson Kabir at a function held at International hockey stadium here today.
The foundation has been launched "with specific focus on regaining world supremacy in hockey once again", Kabir said.
The 91-year-old triple Olympic gold medallist presented the first cheque by donating Rs 30 lakh, which he had received from HI in March this year as part of the lifetime achievement award conferred upon him at a function held at Delhi.
Braving sultry weather conditions today, Balbir Sr, wearing a blue blazer and a red tie, climbed up steep stairs of the stadium here to hoist the tricolour at the function amid thunderous applause from the crowd that also included budding hockey players.
After unfurling the tricolour, Balbir Sr recalled, "It was a proud moment for all of us when we defeated England, which had until a year ago ruled India for a long period, on their own turf (in 1948).
"I still remember that before the match started, the Wembley stadium was reverberating with the noise of English fans. As we took an early lead and later on pumped another goal, after the half time some English fans started rooting for India, saying make it half a dozen (score 6 goals)," he remembered.