The investment is targetted to make India the global hub for professional boxing over the next five years.
The investment will flow in a periodic manner at various levels. In the first phase there will be pan-India competitions for the IBC boxers.
The level of competition will be raised by inviting top international professionals, which in turn will uplift the competitive structure, the IBC said in a statement.
The first IBC fight night cards starts from January 2017. This will be followed by a three-tier pro tour where city level Silver Glove competition will be followed by the Golden Glove championships at the State level from where the winners will qualify for national, Asian and World titles.
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There are lucrative contracts for top notch boxers. For the young talent there are incentives and scholarships. The marketing and awareness programmes are allocated around 30 per cent of the total investment chunk.
"We are working on a commercial model, a structure to have competition from cadet to senior national levels. Plans to create training facilities at all levels and an initiative to train coaches and trainers for pro boxing will be announced soon," he added.
The brain behind IBC, Brigadier PK Muralidharan Raja (Retd) is among the senior most boxing administrators in the country. IBC has a well-trained team of trainers, coaches, psychologists and technical conduct officials.
"We have been looking for a right associate for commercial and professional success. Our commercial partners have an illustrious and long track record in the business of sports. That gives us right impetus and financial backing to establish pro boxing as the next big thing in Indian sports," he added.