October 13, 2011 / 10:16 IST
Subroto Roy has strapped into the F-1 driving seat. The Sahara group has bought 42.5% stake in Vijay Mallaya owned Force India F-1 team.
Sahara has bought the stake for USD 100 million dollars. The formula one team has been re-christened
Sahara Force India.
Mallya will now hold an equal 42.5% stake in Sahara Force India.
Announcing the deal Vijay Mallaya said that the funds from the deal will be used by the team for further research and development and upgradation of its facilities.
Meanwhile, Ravi Nedungadi, president & chief financial officer, UB Group said the company plans to use the USD 200 million with lessors to pay back some of
Kingfisher Airlines debt.
Earlier, Mallya had exited the low-fare segment, completing the circle for Air Deccan, rebranded Kingfisher Red. Mallya said he had bought Air Deccan out of necessity
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