The Adani Group is exploring strategies to revive Formula 1 racing at the Buddh International Circuit in Greater Noida, with Karan Adani expressing strong interest in bringing the sport back to India.
Mining conglomerate Vedanta on Friday beat Gautam Adani's Group to make a winning bid for the acquisition of debt-ridden Jaiprakash Associates (JAL) for Rs 17,000 crore, according to sources. The bid value translates into Jaiprakash Associates' net present value of Rs 12,505 crore.
The success of last season's inaugural Indian Grand Prix has convinced organisers they can build both a long-lasting legacy within Formula One and break even on their substantial outlay within "five to seven years".
The organisers of the Indian Grand Prix rebutted reports that the 2014 Formula One race in the country was in danger of being scrapped from the calendar due to financial constraints, saying that they are committed to fulfill their contract.
Five companies have submitted resolution plans for Jaiprakash Associates Ltd (JAL), the flagship company of the beleaguered Jaypee group, the company has said in a stock exchange filing. The Adani group, Vedanta, Jindal Steel & Power, Dalmia Bharat, and PSP Projects are the final bidders and the offers range from Rs 10,000 crore to Rs 11,000 crore, said a source close to the development.
The 2014 Indian Grand Prix was on Tuesday dropped following a rejig in racing calendar for the coming year, according to race organisers JPSI, who said the motorsport extravaganza will now come back to the country in March 2015.
The Indian Formula One Grand Prix is expected to return in 2016 as a "fruitful" meeting between F1 boss Bernie Ecclestone and race promoters has prepared the ground for the comeback of the high-profile event.
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