Chennai, Oct 13: The deal has been signed and now the Force India team will be re-christened Sahara Force India after Vijay Mallya sold part of his stake in the Formula One team to business conglomerate Sahara group owned by Subrata Roy. It is reported that the Sahara group bought a 42.5 percent stake, worth USD 100 million from the UB group making them equal partners in the Force India team.

The news comes at a time when India is all set to host its maiden Formula One race in Greater Noida at the Buddh International Circuit on Oct 30.

With the merging of the two powerhouses, the Force India team gets a much-needed boost. Vijay Mallya will continue as the Team Principal owing to his share of 42.5 per cent stake while Subrata Roy will be elevated to the position of Chairman. The third stake holder Dutch businessman, Michiel Mol will hold 15 per cent stake in the deal.

With only the Sahara addition to the team's name, the group is expected to infuse $100million over the next five years. Mallya had bought the Spyker Ferrari F1 Team in 2007, reportedly for about 90 million euros. He later renamed the team 'Force India' for the 2008 season.

The joining of hands between the Sahara group and the UB group will boost the Formula One racing in India.

Liquor baron Vijay Mallya also owns the IPL team, Bangalore Royal Challengers, while Sahara group owns the team, Pune Warriors. The Sahara group, other than its widespread business interests in various sectors actively encourages different sports in India. Sahara is the sponsor of the Indian cricket team and supports the hockey team as well.

OneIndia News