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London - Indian business Sahara has announced a deal to buy a large stake in the Force India Formula 1 team, with the company set to invest $100m (R784m) for a 42.5% stake – resulting in a co-ownership with the team's co-founder Vijay Mallya, who will remain team principal.
A company statement said that the money will be used to invest in new technology to improve performance.
Sahara has a number of sporting interests and sponsors the Indian national cricket team.
Company chairman Subrata Roy Sahara said: “Formula 1 car racing has always remained the bastion of the western world.
“The advent of India in this exciting sport has remained a matter of pride for all our countrymen. I feel doubly proud that Sahara is the co-owner of India's only Formula 1 team and I am sure that through Sahara Force India, we will together bring pride and laurels to our beloved nation.”
The Moll family from the Netherlands, which helped found the team with Mr Mallya, will hold the remaining 15% stake.
A company statement said that the money will be used to invest in new technology to improve performance.
Sahara has a number of sporting interests and sponsors the Indian national cricket team.
Company chairman Subrata Roy Sahara said: “Formula 1 car racing has always remained the bastion of the western world.
“The advent of India in this exciting sport has remained a matter of pride for all our countrymen. I feel doubly proud that Sahara is the co-owner of India's only Formula 1 team and I am sure that through Sahara Force India, we will together bring pride and laurels to our beloved nation.”
The Moll family from the Netherlands, which helped found the team with Mr Mallya, will hold the remaining 15% stake.
