Post Spyker buyout, Mallya wants Grand Prix in India
03 September 2007
Not only is India set to have its own Formula 1 Grand Prix (See: Formula One guru Bernie Ecclestone wants to put India on the circuit), but a team as well.
Vijay Mallya has bought into Dutch F1 team Spyker Ferrari (See: Vijay Mallya closes in on Spyker Ferrari deal). Mallya may also see business in tapping the huge viewership of F1, reports CNBC-TV18.
Liquor baron Vijay Mallya is now set to have good times at the race track too! Mallya in his personal capacity has bought into F1 team Spyker Ferrari.
A special purpose vehicle, Orange India Holdings, with equal ownership between Mallya, its CMD now, and the promoters of Spyker Cars, the Mol family has been created to buy out Spyker Ferrari. The deal had an enterprise value of €90 million. Mallya expects to close the deal within a month. The deal was sealed but after some dilemma.
Vijay Mallya, CMD, Orange India Holdings, said, "There was a dilemma on whether there was an investment opportunity in the combined company of the car manufacturer in Holland and the F1 team or whether there was an opportunity with the F1 team itself."
And after having decided to only buy stake in the F1 team, Mallya looks set for the arrival of F1 in India by 2009 or 2010. But his expectations from his team are low, considering they have no points so far this season.