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| Sahara Force India |
With just 19 days to go for the inaugural Indian Grand Prix , the Sahara Group bought 42.5 percent stake, worth US $100 million, in the Vijay Mallya-owned Force India F1 team.
Following Wednesday's deal, the Formula One team was renamed Sahara Force India.
The Sahara Group, headed by Subroto Roy, and Mallya's UB Group will have 42.5 per cent stake in the team, while the remaining 15 per cent will be with the Mol family.
Mallya will continue to be the team principal.
Force India was formed in 2007 when a consortium, led by liquor baron Mallya, and Dutch entrepreneur Michiel Mol bought the loss-making Spyker Formula One team, reportedly for about for 90 million euros, and renamed it Force India.
India's maiden Grand Prix will be run on October 30, at the 120,000-capacity circuit on the outskirts of Delhi.
Media reports last week said Mallya planned to sell the team to the Sahara group, but they were denied by the liquor and aviation baron.
Force India, whose current drivers are German Adrian Sutil and Britain's Paul Di Resta, are currently placed sixth in the Formula One constructor standings.
The Sahara group, which also supported the Indian hockey team, had bid $370 million to become owners of the Pune franchise in cricket's Indian Premier League in October, 2010.
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