Sahara group enters into Formula one

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UB Group's Vijay Mallya has sold 42.5% stake in his Force India F1 team to Sahara Group, headed by Subroto Roy, according to a report.

Earlier reports stated that Vijay Mallya has denied selling Force India stakes to Sahara India.

Mallya, who also owns the Kingfisher airline, has announced plans to shut down the carrier's budget arm.

Force India was formed in 2007 when a consortium led by Mallya and Dutch entrepreneur Michiel Mol bought the loss-making Spyker Formula One team and later renamed it Force India, says report.
There are reports that India is set to host its maiden Grand Prix on Oct. 30 at the 120,000-capacity circuit on the outskirts of Delhi.


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