This comes as the IOA also announces plans to rent out part of unused parts of their Olympic Bhavan headquarters in New Delhi.

IOS, whose appointment was made after a "multi-pitch battle", will be tasked with managing the sponsorships, handling operations, all media and public relations related works and image of IOA.

Attracting sponsors will be their main task, traditionally a challenge for the IOA ever since their reputation was tainted by corruption scandals, including the one engulfing the Delhi 2010 Commonwealth Games involving former IOA head Suresh Kalmadi.

The New Delhi based IOS have also worked as an exclusive agency for Indian Super League football team Delhi Dynamos as well as with Hockey India League side Delhi Waveriders.

"We have developed a structure for the upcoming Rio Olympic Games," said the company's managing director and chief executive, Neerav Tomar. 

"We are looking at three principle sponsors and few associates and partners."

Renting out unoccupied parts of their headquarters in another potential fundraiser.

They will be leased to carefully selected companies, with the idea having been supported by the Sports Ministry and Sports Authority of India.

"We will rent out to a reputed company after checking their balance sheets," said IOA President N Ramachandran.

"We are looking at big corporates or educations institutions,

"The idea is to make IOA self sufficient.

"We have been relying too much on the Sports Ministry.

"The money that comes from there goes directly to the athletes.

"We need to start generating money as well to professionalise the institution and support the athletes.”

This comes after Ramachandran, also head of the World Squash Federation, appears secure in his position after beating off an opposition movement last year led by Hockey India head, Narinder Batra.