Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Mallya rules out Force India sale
BackBack

Mallya rules out Force India sale

Mallya rules out Force India sale

Vijay Mallya, chairman Force India (File photo)Premium

Vijay Mallya, chairman Force India (File photo)

Mumbai: Force India chairman Vijay Mallya has no plans to sell the Formula One team and has pledged his long-term commitment ahead of the country’s maiden grand prix later this month.

Vijay Mallya, chairman Force India (File photo)

“I was shocked to read a media report that I am selling the Force India Formula One team. This is completely untrue and without any basis whatsoever," Mallya, said in a statement.

“As Team Principal, I will continue to run the team and I have no plans whatsoever to exit."

Mallya also owns India’s second-largest private airline Kingfisher and recently announced plans to exit the low-cost part of the airline business in the next four months and focus on the premium model to reduce debt.

The inaugural Indian Grand Prix is scheduled for 30 October at the 120,000-capacity circuit on the outskirts of Delhi.

“I take great pride in having been able to put an Indian team on the Formula One World Championship grid and have worked very hard to greatly improve the performance of the team," Mallya added.

“Now that India is finally on the Formula One World Championship calendar, my commitment to Force India only gets even stronger."

Force India, whose current drivers are German Adrian Sutil and Britain’s Paul Di Resta, are currently placed sixth in the constructor standings.

The team was formed in 2007 when a consortium led by Mallya and Michiel Mol bought the loss-making Spyker Formula One team and later renamed it Force India.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 07 Oct 2011, 03:24 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie