Sahara pays $100m for Force India share
12 October, 2011
Oct.12 (Press Release) Sahara India Pariwar, a leading promoter and patron of sports in India, today announced an equity investment in the Force India Formula One Team, India’s only F1 team. Subsequent to subscribing to new shares, Sahara India Pariwar will be investing approximately USD 100-million into the Force India Formula One Team. With this investment both the Sahara India Pariwar and Dr. Mallya will own 42.5% each in the team. The Mol family’s equity will be at 15%.
The new logo of the Sahara Force India F1 Team, as the team will now be called, was jointly unveiled today by Saharasri Subrata Roy Sahara and Dr. Vijay Mallya, at a press conference in New Delhi.
Sahara’s joint partnership with the Force India F1 Team will provide an opportunity for the team to further invest in cutting edge technology to improve performance and achieve new heights.
On this occasion ‘Saharasri’ Subrata Roy Sahara, Managing Worker and Chairman, Sahara India Pariwar said, “India is reaching new heights in all spheres, including sports. Formula One car racing has always remained a bastion of the western world. The advent of India in this exciting sport has remained a matter of pride for all our countrymen. I feel doubly proud that Sahara is the co-owner of India’s only F1 team and I am sure that through the Sahara Force India F1 Team, we will together bring pride and laurels to our beloved nation.”
The investment could not have come at a more opportune time as India looks forward to hosting the inaugural Indian Grand Prix at the Buddh International Circuit, Greater Noida and as millions of fans gear up to witness their Formula One dreams come alive in India.
Shri Subrata Roy conveys his high appreciation and heartfelt thanks to Dr. Mallya for including India in the prestigious Formula One circuit and for guiding Force India to its current position of sixth in the Formula One world championship.
Speaking about the partnership with the Sahara Group, Dr. Vijay Mallya, Team Principal and Managing Director of the Force India Formula One Team said, “I am delighted to welcome Saharasri Subrata Roy Sahara as Chairman of Sahara Force India. It has indeed been a matter of pride for me to put India on the F1 map with Force India and raise the performance of the team to its current levels. The Sahara Group has played a very important role in the development of sport in the country and is an ideal partner to take the Force India F1 Team to greater success in the Formula One World Championship”.