Expressing happiness over the development, chief national badminton coach Gopichand described it as "a fantastic offer."
"On returning from the Rio Olympics, I was approached by Vignesh Shahane (CEO of IDBI Federal Life Insurance) and was told that they wanted to help the academy. We have always been struggling for funds and this offer is fantastic," said Gopichand at a media conference today.
"It will be better for our players and the support we will receive will make it (academy) more successful. It will help support our junior players and in appointing physiologists and sports analysts," said the highly successful national badminton coach.
"An association with Gopichand Academy strongly reflects our commitment to this game and grassroots sports development in India," said Shahane, adding his company was fully committed to support the endeavour to create more world-class badminton players.
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Sindhu, Kidambi Srikanth and P Kashyap, who were present, praised Gopichand's contribution to Indian badminton.
"I am where I am because of him," said Srikanth, a quarter finalist at Rio.