The Force India team will be renamed Sahara Force India Formula One following a buy-in from the Sahara Group.
Mallya will remain as team principal of the Silverstone-based outfit.
He has sold a 42.5% stake in his team to Subrata Roy’s Sahara Group. Mallya’s United Breweries Group retains 42.5%, with a further 15% held by Michiel Mol.
Force India said the deal will bring around $100m (?é?ú63.38m) of investment into the team.
Mallya said: “I am delighted to welcome Saharasri Subrata Roy Sahara as Chairman of Sahara Force India.
“It has indeed been a matter of pride for me to put India on the F1 map with Force India and raise the performance of the team to its current levels. The Sahara Group has played a very important role in the development of sport in the country and is an ideal partner to take the Force India F1 Team to greater success in the Formula 1 world championship.”
Subrata Roy said: “The advent of India in this exciting sport has remained a matter of pride for all our countrymen. I feel doubly proud that Sahara is the co-owner of India?óÔéĽÔäós only F1 team and I am sure that through the Sahara Force India F1 Team, we will together bring pride and laurels to our beloved nation.”
Last week he strongly denied rumours the team was up for sale, saying: “As team principal, I will continue to run the team and I have no plans whatsoever to exit.”
The Sahara Group’s businesses include includes television channels, real estate companies, film distribution, tourism services and a cricket team.
Mallya took over the former Spyker team at the end of 2007, re-branding it Force India. The team rose to seventh in the constructors’ championship last year and currently hold sixth place.
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Image ?é?® Force India F1 Team