The Olympic House provides an understanding of a country and its culture and nations across the globe use it as a platform to strengthen their involvement in the Olympic Movement.

The deal will see RIL become the IOA’s principal partner, helping the country’s athletes as they prepare for major multi-sport events including the Olympics, Asian Games and the Commonwealth Games.

"It is our dream to see India take centre stage in the global sporting arena," International Olympic Committee (IOC) member Nita Ambani said.

"Our partnership with the IOA reinforces Reliance Foundation’s deep commitment to supporting and empowering young athletes across the country with world-class infrastructure and opportunities," added Ambani, who is also the non-executive director of RIL.

"We are also very excited to host the first-ever India House at the Paris Olympic Games in 2024.

"It will be a great opportunity to showcase India's immense talent, potential, and aspiration to the world."

IOA secretary general Rajeev Mehta thanked RIL for its "continued support" over the years.

"It will be a momentous occasion to have an India House at Paris 2024," Mehta said.

"This is a giant step in reiterating India’s commitment to the Olympic Movement."

Mumbai is set to host the 140th IOC Session in June next year at the newly developed Jio World Centre.

The Session will also coincide with the 75th year of independence.

The IOA, however, is facing a risk of suspension from the IOC due to governance issues, if it does not hold elections in the coming weeks.