NEW DELHI: With just 19 days to go for the inaugural Indian Grand Prix, Force India today got a huge fillip as Sahara Group has agreed to pump in USD 100 million for the development of the Formula One team, which has been re-christened as Sahara Force India.As per the agreement signed today between Sahara Group and liquor baron Vijay Mallya, Sahara Group will be issued fresh shares of Watson Limited, which owns the team. Both Mallya and Sahara Group, headed by Subroto Sahara, will own 42.5 percent equity each in the team and the remaining 15 percent will be with the Michiel Mol family. Michiel is a Dutch businessman and Director of the team. From now on, Subroto Roy will be the Chairman of the team and Mallya will continue to be the team Principal and Managing Director. "Sahara Group will invest approx USD 100 million into the team. The total capital of the company has increased enormously. None of us sold or bought equity and there will be only re-structuring. New shares will be sold," Mallya announced at a press conference. "Total shares will be distributed in three places. I will have 42.5 percent equity share and Sahara Group another 42.5 percent and Michiel Mol family 15 percent," he added.Read Full: Sahara to buy 42.5% stake in Force India | Force India | Sahara Group | The New Indian Express
