Sahara to buy stake in Mallya's Force India F1 team

With just over a fortnight left forthe first ever Formula One race to be held in India, UB Group's Vijay Mallya isset to sell some stake in his Force India F1 Team to Sahara Group , headed bySubroto Roy.

The quantum of the stake sale and financial details of thedeals could not be immediately ascertained.

Spokespersons of both the groups declined to comment.

Liqour baron Vijay Mallya had bought the Spyker Ferrari F1Team in 2007, reportedly for about for 90 million euros. He then renamed theteam as 'Force India'for the 2008 season.

The Force India team is at the sixth position in the Formula1 constructor's championships with 48 points behind Renault.

Mallya also owns IPL team Royal Challengers.

On the other side, Sahara Group that has interests infinancial services, real estate, media and hospitality, is a major promoter ofsports in India.

Sahara owns the new IPL team Pune Warriors India and alsosponsors Indianational cricket team. It had also supported the Indian national hockey team.

Indiawill host its first Formula 1 Grand Prix on October 30, 2011 on a 5.14 kmtrack, in Greater Noida built by Jaypee Sports International (JPSI).