India moves to bring Formula One back to the country
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NEW DELHI, July 17 : India’s government is working to resolve tax and regulatory hurdles to bring Formula One back to the Buddh International Circuit on the outskirts of New Delhi in 2028, more than a decade after the race was dropped.
The Indian GP debuted in 2011 but was dropped after its third running in 2013 following regulatory and taxation disputes.
Sports Minister Mansukh Mandaviya recently met stakeholders, including prospective track owners the Adani Group and representatives of the country’s motorsports federation, and said a task force would be set up to revive the race.
Navigating the complex tax and regulatory issues would feature high on the panel’s agenda, a source in the ministry told Reuters.
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“The task force will examine the challenges affecting the revival and growth of motorsports in the country, including Formula One, with a specific focus on taxation-related issues, regulatory aspects, infrastructure, and other policy interventions…” the source said.
The task force will have representation from India’s tax authorities. The government’s apex policy think tank has been tasked with inter-ministerial coordination to cut red tape, the source said.
The Adani Group, which is in the process of taking over the company that previously owned the track, did not reply to a Reuters request for comment but Managing Director of Adani Ports & Special Economic Zone Ltd (APSEZ) Karan Adani has said he was “personally engaged” to bring Formula One back to the country.
Formula One chief executive Stefano Domenicali recently confirmed its “big interest” in returning to India but said significant homework needed to be done.
“There are the right things that we need to do – to again find back the right promoters, the right collaboration and the right timing, which will not be in the very short term,” Domenicali told F1 India broadcaster FanCode last month.
Source: Reuters
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