Indian company signs F1 track deal

Formula One bosses have signed a deal with an Indian company to build a race track near the national capital New Delhi, an Indian newspaper reported.

The group, JP Associates, signed a contract last week to develop the site at Greater Noida, a fast growing area around 50kms to the east of the capital, the Hindustan Times said.

A 10-year contract has been signed between the company and F1 chief Bernie Ecclestone to build the track in a bid to bring the first race to India in 2010, the report said.

Indian Olympic Association (IOA) are the race promoters.

IOA president Suresh Kalmadi announced in September that Formula One management had approved two sites on the outskirts of New Delhi to build a circuit and race promoters had been authorised to make the final choice.

F1 track architect Hermann Tilke inspected the sites and reported back to Ecclestone.

India, buoyed by its booming economy, has been hoping to stage a grand prix since Narain Karthikeyan became the first Indian Formula One driver in 2005.