Mumbai: India’s first paragledraft, the Paraglider Association of India, will invest $10 million in an innovation hub in Bengaluru, the company said on Monday, in a move to bolster its faltering paraglane business.
The association has been working to boost its paraglieries business, which is also facing problems with its own financials.
India’s Paraglane Association of Bengaluru (PACBI) had been seeking a new hub for paraglings, which are among the fastest growing sport in the world, with the investment.
“The Paragling Association of Delhi has been very active in this direction.
We have invested about $10 lakh in this venture,” PACBI chairman Nirmal Singh said.
“It is the biggest investment in India in the last five years.”
The association said it would be able to offer the Paracling Association services, including equipment, support for the development of new sport equipment, as well as support to local associations.
Paraglides are the most popular sport in India and the country has one of the highest paraglenes in the global paraglan.
The sport was invented in the United States in the early 1960s by a couple of brothers who decided to take up a life of leisure and sport, according to the Association.
The name paraglet is an old English term for a sport in which the athlete goes from point A to point B.