Not only is India set to have its own Formula 1 Grand Prix (See: Formula One guru Bernie Ecclestone wants to put India on the circuit), but a team as well.

Vijay Mallya has bought into Dutch F1 team Spyker Ferrari (See: Vijay Mallya closes in on Spyker Ferrari deal). Mallya may also see business in tapping the huge viewership of F1, reports CNBC-TV18.

Liquor baron Vijay Mallya is now set to have good times at the race track too! Mallya in his personal capacity has bought into F1 team Spyker Ferrari.

A special purpose vehicle, Orange India Holdings, with equal ownership between Mallya, its CMD now, and the promoters of Spyker Cars, the Mol family has been created to buy out Spyker Ferrari. The deal had an enterprise value of €90 million. Mallya expects to close the deal within a month. The deal was sealed but after some dilemma.

Vijay Mallya, CMD, Orange India Holdings, said, "There was a dilemma on whether there was an investment opportunity in the combined company of the car manufacturer in Holland and the F1 team or whether there was an opportunity with the F1 team itself."

And after having decided to only buy stake in the F1 team, Mallya looks set for the arrival of F1 in India by 2009 or 2010. But his expectations from his team are low, considering they have no points so far this season.

"I will meet, as a part of the due diligence, all the members of the Spykar Feraari F1 so as to gain an understanding of the plans for 2008 and how to start to be competitive enough to start earning points for the 2008 season," Mallya said.

And there will also be discussion for inducting an Indian driver into the team like Narain Karthikeyan or Karun Chandhok. Another possibility is a change of the team''s name. His team has got limited financial resources, but Mallya says it will now tap the R&D expertise in India to enhance its competitiveness.

"I do not believe that any F1 team has adequately exploited the vast research and development capability available in our country," Mallya said,

Mallya has realised his personal F1 dream will now surely devise ways of tapping the estimated viewership of 550 million to build his liquor and aviation brands globally.

also see : Other Automotive reports