India’s Formula-1 track promoters sure of breaking even

August 24th, 2011 - 7:48 pm ICT by IANS  

New Delhi, Aug 24 (IANS) The promoters of India’s only Formula-1 race facility, set to host the first-ever Indian Grand Prix in October at their tracks in Noida, are confident of breaking even on their investment in three to four years.

“We are confident in the business,” Jaypee Sports International (JPSI) chief executive Sameer Gaur said Wednesday. “We will reach break-even within three to four years time. Our plans and programmes are on track and progressing as expected.”

JPSI, promoted by Jaypee Group, maintains that it has sold 10,000 tickets ranging from Rs.2,300 to Rs.35,000 since sales began Saturday. “There has been a lot of excitement in the country for the race,” Gaur said. He expects nearly 10,000 foreign visitors.

Gaur said the company was in talks with firms for partnerships like merchandising or sponsorship for other races. “We are talking to Puma for a merchandising deal. We will be shortly making the announcement on that front. We are also in touch with JK Tyres for other races in the year,” Gaur said.

The company Wednesday tied up with luxury car manufacturer Mercedes-Benz, which has now been appointed as the official automobile partner to the Buddh International Circuit. Other major companies such as Airtel and DHL have also become part of the historic event.

“There is huge interest from companies in many sectors to be part of the race and thereafter for other events at the track,” Gaur said. He added that the company was also considering throwing the track open to the public on Saturdays or Sundays after the F-1 event.

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