Sahara to buy stake in Mallya F1 team

New Delhi: With just over a fortnight left for the first ever Formula One race to be held in India, UB Group`s Vijay Mallya is set to sell some stake in his Force India F1 Team to Sahara Group, headed by Subroto Roy.

The two corporate honchos will sign an agreement on Wednesday, which will be followed by an official announcement this evening, according to sources. The quantum of the stake sale and financial details of the deals could not be immediately ascertained.

Spokespersons of both the groups declined to comment. Liqour baron Vijay Mallya had bought the Spyker Ferrari F1 Team in 2007, reportedly for about for 90 million euros. He then renamed the team as `Force India` for the 2008 season.The Force India team is 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 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).