Force India re-named as Sahara Force India after Formula One deal

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Force India has now been re-named as Sahara Force India after Sahara Group bought stake in the Vijay Mallya owned Formula One team.

As per the agreement, announced at a press meet today, Sahara Group and Mallya's UB Group will have 42.5 percent stake each in the team.

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

Deccan Chronicle reported the deal's origins in an October 30 report. [2]

Sahara's 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'.

The Force India team is now at the sixth position in the Formula 1 constructor's championships with 48 points behind Renault.

Mallya also owns IPL team Royal Challengers.

On the other side, Sahara Group that has interests in financial services, real estate, media and hospitality, is a major promoter of sports in India.

Sahara also owns the new IPL team Pune Warriors India and also sponsors India national cricket team. It had also supported the Indian national hockey team.

India will host its first Formula 1 Grand Prix on October 30, 2011 on a 5.14 km track, in Greater Noida built by Jaypee Sports International (JPSI).