The king of good times may not just bring F1 to India; he may even buy himself a formula one team reports CNBC-TV18. 

CNBC-TV18 learns Mallya is in talks to negotiate a deal which may be close to being sealed.  

F1 buzz suggests that Mallya may not be looking at the Panasonic Toyota team even though Kingfisher is one of the sponsors. It is apparently the second most costliest team on the circuit and has been under performing. The teams that are likely to be up for grabs are Honda, Super Aguri, Spyker -Ferrari, Torro Rosso.

"Part and parcel of bringing F1 into India is to have an India co involved in F1. In what form or shape, I'm not going to disclose. We have N Karthikeyan and Karan Chandok. We want to have more significant involvement in F1.It should have a domino effect in regenerating F1 in the country, culminating in hosting a race" he said.

Excerpts from CNBC-TV18's exclusive interview with Vijay Mallya:

Mallya: I have been involved in F1 for many years now. As far as my own personal moves in F1 are concerned, I’d rather tell you about it at a more appropriate time.

Q: But would that even be a possibility, are you thinking about it?

A: As far as I am concerned nothing is impossible.

Q: Which means that there is a very strong possibility that it may happen?

A: You can draw your own conclusions, but part and parcel of bringing F1 to India is to also have an Indian company involved in F1. In what form or shape, I am not going to disclose just yet. I think it is premature. But we have drivers, we have Narain Karthikeyan, we have Karan Chandok and I hope there will be more as we go along. That is one part of the story. But to have a more significant involvement in a particular F1 team, could well have a domino effect in regenerating interest in F1 in our large country, and culminating of course in actually hosting a race.

Q: You are the king of acquisitions, we have seen you do ones which are pretty tough and people expected deals to actually fall through. So, looks like you will be able to pull this one off?

A: You are being very complimentary. But this is a very tough and hugely competitive business. You have teams here like Toyota, which have budgets running into hundreds of millions, and there is no guarantee that if you invest, that you will succeed. It takes a lot more than that.