Sahara India has acquired 42% stakes in Force India which is co-owned by Vijay Mallya. Force India has decided to sell stake in the Formula One team to top-notch Sahara India. Sahara India which also sponsors the Indian cricket team is a business conglomerate in India. The development will surely change the fortunes of Force India. Vijay Mallya and Sahara Chairman Subrata Roy will hold a joint news conference later. However, the agenda was not known and spokesmen for both companies were not available to comment on the stake sale.
Force India was formed in 2007 when a consortium led by Mallya and Dutch entrepreneur Michele Mol bought the loss-making Spyker Formula One team and later renamed it Force India. Vijay Mallya said that as the Team Principal, he will continue to run the team and has no plans whatsoever to exit. Force India, whose current drivers are German Adrian Sutil and Britain's Paul Di Resta, are currently placed sixth in the Formula One constructor standings. The Sahara group, which also supported the Indian hockey team, had bid $370 million to become owners of the Pune franchise in cricket's Indian Premier League in October, 2010.
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