The F1 team, whose current drivers are German Adrian Sutil and Britain’s Paul
Di Resta, are sixth in the constructors’ standings ahead of Sunday’s race in
South Korea.
Mallya has a profitable liquor business, but is facing rough weather in
aviation. His Kingfisher airline, India’s second-largest private airline
which has never reported a profit, recently announced plans to exit the low-cost
part of the airline business and focus on the premium model to reduce debt.
The auditors of Kingfisher have said that the firm needs extra cash as the
airline struggles to survive in a challenging market.
“I have not sold a single share [in Force India]. None of the existing shareholders
are selling anything,” Mallya said.
“My first approach to Sahara was for sponsorship. He (Roy) said I like it…
I want to own it.”
India is set to host its maiden Grand Prix on Oct. 30 at the 120,000-capacity
circuit on the outskirts of Delhi.
The Sahara group, which also sponsors the Indian cricket team, had bid $370
million (£235 million) to become owners of the Pune franchise in cricket’s
Indian Premier League in October, 2010.