Sahara to buy stake in Mallya's Force India F1 team

With barely a fortnight to go before Formula One makes its debut in India, UB Group's Vijay Mallya is geared up to sell part stake in his Force India F1 Team to Sahara Group, reports CNBC-TV18.

Sources close to CNBC-TV18 said Subrato Sahara, head Sahara Group and Mallya will sign an agreement today, which will be followed by an official announcement later in the day.

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).

(With inputs from PTI)