Adani Group is set to acquire debt-laden company Jaiprakash Associates Ltd, the company that led operations at the Buddh International Circuit.
Acquisition Plan
Adani Ports & SEZ MD Karan Adani said,” I am very excited because with Jaypee, the Buddh circuit comes part of the deal”. Last November, the Adani group won the ₹14,535 crore bid to acquire Jaiprakash Associates. The deal includes assets such as cement plants, real estate, infrastructure projects, and the FIA-certified race track.
India’s History with F1
The sport graced its presence in India for a solid three seasons, 2011, 2012, and 2013. Placing India on the global motorsport map.
However, India was removed from the F1 calendar due to tax disputes with the Uttar Pradesh government. The government levied tax on F1 as an entertainment rather than a sport.
Looking back at F1’s India days, the track was dominated by retired German driver Sebastian Vettel racing for Red Bull Racing. Apart from Vettel, the tarmac was graced by 7-time world champion Michael Schumacher, who raced for the Mercedes-Benz F1 team.
The line-up also featured India’s first Formula 1 driver, Narain Karthikeyan, on the grid racing for Hispania Racing Team (HRT) for the inaugural 2011 season in India.
Ever since F1’s India instalments, Indian race fans have been yearning to see more of modern-era Formula 1 cars in action on Indian soil.
Possible Aftermath
If Formula 1 returns to India, the event could result in a massive boom for the country’s economy and tourism, attracting investments and sponsorships. The event could place India on the global motorsport map with a pro-sport image.
