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Ferrari [Images] have bucked the global economic crisis squeezing Formula One by agreeing a sponsorship deal with carmaker Tata.

"For the first time an Indian brand will appear on the Ferrari," president Luca di Montezemolo told Italian media. "It's historic."

A Ferrari spokesman confirmed a deal had been reached and said the details and duration would be announced shortly.

Tata and Ferrari's parent company Fiat have a joint venture in Maharashtra to produce cars.

Formula One approved a package of cost-cutting measures last week to help the sport after the economic crisis led to Honda's withdrawal.