Sports Minister Mansukh Mandaviya on Monday said he is pushing for a Formula 1 race in India in 2027 by streamlining the tax-related hurdles that led to the event leaving the country in 2013 after three editions.
In an interaction with the media here, Mandaviya said at least three companies have shown interest in running the Buddh International Circuit in Greater Noida, where the race is proposed to be held.
The Indian Grand Prix was dropped after 2013 due to tax and bureaucratic hurdles.
“There will be an F1 race in India in 2027. First race will be at Buddha International Circuit,” Mandaviya said.
However, sources in Formula 1, owned by Liberty Media, said a race in 2027 is highly unlikely even though India is being seen a market of interest once again.
“2027 is highly unlikely but India is a market of interest. We have many amazing fans in the country but we are not close to an agreement,” said the source.
While announcing its broadcast partner in India last December, Formula 1 said that it had a strong fanbase of 79 million in the country.
Adani, which is set to acquire debt ridden Jaypee Group’s assets including the Formula 1 track in Greater Noida, has expressed its desire to revive the high-profile race in India.
Mandaviya said the government will take its due part in attracting Formula 1 to India.
“It will take another six months to work out the modalities. The government will help in getting the tax relaxations that had become a bone of contention so that it is a viable venture for the organisers,” said the Sports Minister.
“Given the global situation due to the ongoing Iran war, India is being seen as a safe and viable venue for sporting events, including F1. We plan to have a Moto GP event before F1 returns. The Federation of Motor Sports Clubs of India (FMSCI) is in talks with Formula One right now, we will be facilitators,” he elaborated.
The sport has massively gained in popularity since Liberty Media took over in 2017.
It already has a record 24-race calendar though two of the rounds, scheduled in Saudi Arabia and Bahrain this month, were cancelled due to the ongoing military conflict in West Asia triggered by the American and Israeli bombing of Iran.
“Not just BIC, we have good tracks in Chennai and Hyderabad as well. Government’s role would be to deliver on infrastructure and handle tax-related issues.
“For instance, if the entertainment tax cannot be altogether repealed, we will try to ensure that reimbursements are provided to incentivise the project for the organisers. Discussions are ongoing on this issue.
“It is an inter-ministerial matter and we are trying our best to make it attractive for Formula One,” Mandaviya added.
Already dealing with a record race calendar and the growing interest from countries to host the globally followed event, Formula 1 is spoilt for choice when it comes to awarding races. High costs are involved in a hosting a Formula 1 race, ranging from USD 20 million to USD 60 million annually.
India so far has not been able to sustain big ticket motorsports in India. MotoGP could not last beyond its inaugural edition in 2023 despite the project having the backing of the Uttar Pradesh government.
The all-electric Formula E hosted its inaugural India round in Hyderabad February 2023 before being dropped from the calendar following the change in the state government later that year.
