The organisers of the Indian Grand Prix on Wednesday said they have 'in-principal approval' for custom exemption and they are even ready to pay whatever duty is required to hold the October 30 race.
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.
Buddh International Circuit, which played host to India's first Formula One Grand Prix on October 30, has been awarded the 'Motorsport Facility of the Year' award at the Professional Motorsport World Expo 2011, held in Cologne, Germany.
Sunday's Indian Grand Prix will go ahead as scheduled after the Supreme Court deferred hearing in a case seeking its cancellation over tax issues to next week.
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.
The future of Indian Grand Prix might be uncertain after this year's race but host Jaypee Sports International Limited's CEO Sameer Gaur says the country will not lose the Formula One event and will surely have two more races.
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".
FMSCI, the national governing body for motor sport, today said that time has come for the Indian government to understand the economic benefits which the Formula One race brings to the country and lend more support to the event by waiving the import duty on equipments that came along with it.
Indian Grand Prix organisers have confirmed that Sunday's race will go ahead even though the country's top court has agreed to hear a petition on Friday seeking its cancellation over tax issues.
German driver Sebastian Vettel was awarded the World Champion trophy for the second consecutive year, while Sameer Gaur of Jaypee Sports International (JPSI) received the Formula One Promotional Trophy for hosting a successful inaugural Indian Grand Prix at a glittering FIA Prize Giving Gala ceremony.
Deccan Chargers captain Kumar Sangakkara was presented with a complimentary pass of the F1 Indian Grand Prix 2012 to mark the commencement of the sale of tickets for the mega-event, scheduled to take place at the Buddh International Circuit (BIC) in Greater Noida on October 28.
The much-awaited homologation of the Budh International Circuit (BIC), venue for the inaugural Indian Grand Prix, is all but over with the FIA team, led by technical director Charlie Whiting, giving a thumbs up to the 5.14km race track.
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.
A deal has been done for India to return to the Formula One calendar in 2015 and for six years beyond that if tax problems with the country's authorities can be overcome, commercial supremo Bernie Ecclestone said on Saturday.
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