Sahara to buy Vijay Mallya's Force India?

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Close on the heels of shutting down Kingfisher Red, his low-cost airline service, sources said that business baron Vijay Mallya is planning to sell his Formula One team — Force India.

Sahara India Pariwar, a multi-business conglomerate founded by Subrata Roy, is believed to be in talks to take over from Mallya, who co-owns Force India with Dutch businessman Michiel Mol.

Sources say the deal is on the verge of being finalised and that an announcement to the effect is expected in a couple of days.

Force India was formed in October 2007 when a consortium (Orange India Holdings) led by Mallya and Mol picked up the struggling Spyker F1 team for Euro 88 million.

The decision to sell Force India comes as a big surprise especially with the much-hyped inaugural Indian Grand Prix scheduled for Oct. 30 in New Delhi. Being on the podium at the Indian GP has been Mallya’s dream ever since he entered into Formula One business.

Roy is no stranger to sports as his group is the main sponsor for Team India (cricket and hockey squads). Sahara India also owns Pune Warriors India in the glitzy IPL.

Sources indicated Roy is keen to promote an Indian talent in F1 after buying the team. It’s a criticism that Mallya has taken in his stride maintaining that 'none of the Indians are good enough to drive his F1 cars'.