Uzair Rizvi,  BeyondHeadlines

With just over 20 days left for India’s first ever Formula One race, Force India, co-owned by Vijay Mallaya, is set to sell a minority stake in Formula One team to Sahara India for an undisclosed amount.Mallaya and Subrata Roy are due to hold a joint news conference later in the evening.

Vijay Mallaya bought the Spyker Ferrari Team in 2007, for about 90 million Euros and then renamed it Force India for 2008 season. The only Indian team is at the sixth position with 48 points.

Mallaya also owns IPL team Royal Challengers, while Sahara India, already have big stakes in Cricket and Hockey and now will spread its wings in Formula One also.