Boxing has grown in popularity in India since Vijender Kumar won a middleweight bronze at the Beijing Olympics last August. -Reuters

MUMBAI Indian boxing is set to receive a financial boost with a major sponsorship tie-up after celebrating the countrys first Olympic boxing medal in Beijing last year.

The Indian Boxing Federation (IBF) is close to signing a four-year deal with the diversified Sahara Group, the Hindustan Times reported on Saturday, quoting an unnamed IBF source.

The newspaper gave no financial details of the deal but claimed the partnership will be officially announced next week.

Boxing has grown in popularity in India since Vijender Kumar won a middleweight bronze at the Beijing Olympics last August.

The country also won three bronzes at the last boxing world cup.

The IBF is to put in place a central contract system with graded payments for the top 13 boxers to make the sport lucrative, the Hindustan Times said.