The Tata brand name will figure on Formula 1, the world's most glamorous motor sport, following a sponsorship deal betwen Ferrari and Tata Consultancy Services.
''For the first time an Indian brand will appear on the Ferrari,'' president Luca di Montezemolo was quoted sa ssaying in a section of the Italian media. ''It's historic.'' A Ferrari spokesman is reported to have confirmed the deal although details and duration are being worked out.
The details of the deal are still unclear. While some media reports claim that it is the software giant Tata Consultancy Services (TCS), which is the sponsor, while others claim it, is Tata Motors.
Eventually, TCS gave statement saying that the company had entered into an agreement with Ferrari for an "enhanced technology and marketing partnership".
TCS has been a technology partner of Ferrari at the Formula One since 2005 and has an agreement to provide software for Ferrari's Formula One cars.
The sponsorship deal comes at a time when Formula One has announced a series of cutbacks to ease financial pressures, which were highlighted by Honda pulling out from the sport earlier in December.
From the next season, savings equating to at least 30 per cent of total budgets will be made by Ferrari on engines, training and staff. Further cuts will then be made for the 2010 season.
Other association with Ferrari
Tata and Fiat, the parent company of Ferrari have a technology and marketing joint venture in India. While Fiat supplies technology to the Tatas Motors, which provides marketing and distribution support to Fiat.
Tata Motors had recently sponsored the Ferrari Magic India Discovery ride too. Some other major Ferrari sponsors include Shell, Alice, Acer, AMD micro processors and Martini.
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