India's hopes of hosting a Formula One Grand Prix in 2010 took a concrete shape with F1 bosses striking a Rs 1500 crore deal with a national company to construct the race track in Greater Noida.
- 'F1 can be alternative to cricket in India'
Chairman of JP Associates Manoj Gaur confirmed that F1 supremo Bernie Ecclestone had signed a 10-year contract with the company to build the track in Greater Noida and express confidence that F1 would grow in leaps and bounds in the coming years.
"India is growing at the rate of 10 percent. Accordingly, leisure and sports interests are bound to grow. We are very excited and fortunate that we would cater to the interest through this unique opportunity," Gaur said.
"We hope that like Twenty20 cricket, the popularity of formula one would also be boundless," he said.
The Indian Olympic Association had been instrumental behind inviting F1 to India and two sites on the outskirts of the capital had been okayed for the purpose.
Later, famous track architect Hermann Tilke visited the sites and submitted a report to Ecclestone.
Since Narain Karthikeyan became the first Indian driver in the Formula One in 2005 when he joined Jordan, India's presence in the F1 pit grew with liquor baron Vijay Mallya jointly acquiring the Spyker team and renamed it Force India.
This week, rookie driver Karun Chandhok also made his debut at F1 test for Red Bull Racing.
