MUMBAI: After cricket and hockey, Sahara Group chairman Subroto Roy is showing new interest in a sport that is evolving in India: Formula One motor racing.

Sahara, which owns the Pune franchise of the Indian Premier League (IPL) and sponsors the Indian cricket team, has bought 42.5 per cent stake in Vijay Mallya-owned Force India, the country?s first F1 team, for $100 million.

The team will be renamed Sahara Force India.

Mallya?s UB group will also own an equal stake in the motor racing team while the remaining 15 per cent will be with the Mol family.

In 2007, Mallya and Dutch entrepreneur Michiel Mol had acquired for around 90 million Euros the Spyker Formula One team, which was suffering losses at that time. The team was later rechristened Force India.

In a joint press conference today, India.

In a joint press conference today, Mallya and Sahara said both of them are very happy about the deal and that Mallya will remain the Team Principal.

On 30 October, India will for the first time host Grand Prix at the 120,000-capacity Buddh International Circuit in Greater Noida, UP.

Mallya, who runs a profitable liquor outfit, needs to find cash to rescue his ailing Kingfisher Airlines business. He also owns the Bangalore franchise of the IPL.

The Sahara group had acquired the Pune franchise of the cash-rich IPL last year for $370 million. It is also the main sponsor of the national cricket team.

Force India is ranked sixth in the Formula One constructor?s standings with 48 points in the current season. The current drivers of the team are German Adrian Sutil and Britain?s Paul Di Resta.