OCTOBER 12, 2011
Sahara Group buys stake in Force India
The Sahara Group has bought a 42.5% stake in the Force India team, and the team will be re-named Sahara Force India.
In the deal announced today in a press conference in New Delhi, Saharasri Subrata Roy's Sahara India Pariwar Group has purchased a shareholding in the team and will invest around $100m in the team. Vijay Mallya still owns 42.5% of the company with the remaining 15% owned by the Mol family.
The Sahara Group has interests in India in financial services, real estate, media and hospitality, and is a major promotor of Indian sports.
Subrata Roy Sahara said, "India is reaching new heights in all spheres, including sports. Formula One car racing has always remained a 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 F1 team and I am sure that through the Sahara Force India F1 Team, we will together bring pride and laurels to our beloved nation."
Vijay Mallya said, "I am delighted to welcome Saharasri Subrata Roy Sahara as Chairman of Sahara Force India. It has indeed been a matter of pride for me to put India on the F1 map with Force India and raise the performance of the team to its current levels. The Sahara Group has played a very important role in the development of sport in the country and is an ideal partner to take the Force India F1 Team to greater success in the Formula One World Championship."
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