Vijay Mallya-led UB Group yesterday sold a stake of 42.5 percent in its Formula One team Force India to Subroto Roy-led Sahara Group, which will invest $100 million in the team.
"We have arrived at a partnership with the Sahara Group, which will invest $100 million in the team and would now own an equity stake of 42.5 per cent, I will own 42.5 percent and the rest 15 percent would be owned by the Mol family," Mallya said.
Liqour baron Mallya had bought the Spyker Ferrari Formula 1 team in 2007 through a joint venture company named Orange India Holdings with Dutch e-commerce businessmen Jan and Michiel Mol, for reportedly around 90 million euros. The team was renamed Force India in the 2008 season.
The team would henceforth be known as Sahara Force India. Roy, who will become the chairman of the board of the team, said: "Now we have to sit together and discuss about how to make this the best team."