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The academy, to be set up on a stadium belonging to the Eastern Railway in Kolkata's southern fringe, is being sponsored by the Sahara Group.
Ganguly met Railway Minister Nitish Kumar in New Delhi last month and the latter agreed to extend all possible help to the venture.
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Sources close to Ganguly said Kapil Dev had agreed to be the bowling coach after negotiations with Ganguly and the Sahara management. Kapil Dev is on Sahara's board of directors.
Kapil Dev has refused to take up any post with the Board of Control for Cricket in India, but he will impart tips to bowlers playing for Team India or knocking on the team's doors.
BCCI president Jagmohan Dalmiya has said the World Cup-winning captain would help bowlers at camps to be organised periodically.
Ganguly's academy, which is yet to be named, is also looking to rope in former Australian skipper Greg Chappell as adviser-cum-coach.
Though Chappell's role is yet to be fleshed out, he may be expected to do what Dennis Lillee does for the MRF Pace Foundation in Chennai, the sources said.
Ganguly was apparently keen to get the services of former England opener Geoffrey Boycott, but with the National Cricket Academy seeking to rope him in, the 'Prince of Calcutta' has decided to wait and watch.
The NCA at a meeting in Kolkata on Wednesday resolved to ask Sir Geoffrey to coach young players at its centre in Bangalore. "We will write to him soon," NCA director Brijesh Patel said.