Sports Minister Mansukh Mandaviya on Monday said efforts are underway to bring Formula 1 back to India in 2027, with the government working to resolve tax-related hurdles that led to the sport’s exit in 2013 after three editions at the Buddh International Circuit in Greater Noida, PTI reported.
Speaking to the media, Mandaviya said at least three companies have expressed interest in operating the circuit where the race is proposed to be held.
The Indian Grand Prix was last held in 2013 before being discontinued due to taxation and bureaucratic challenges.
Expressing confidence about the revival, Mandaviya said, “There will be an F1 race in India in 2027. First race will be at Buddha International Circuit,” Mandaviya said.
However, sources within Formula 1’s parent company Liberty Media indicated that an agreement is still far from being finalised.
"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.
Formula 1 had earlier highlighted a fan base of 79 million in India while announcing its broadcast partnership last December.
The proposal also comes amid reports that the Adani Group is set to acquire debt-laden Jaypee Group assets, including the Buddh International Circuit, fuelling speculation over the venue’s return to the global motorsport calendar.
Mandaviya said the government would play a facilitative role, particularly in addressing tax issues that had earlier made hosting the event unviable.
"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.
He also pointed to broader geopolitical and sporting factors, adding:
"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.
Mandaviya added that infrastructure upgrades and fiscal incentives would be key to attracting Formula 1 back to India.
"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"For instance, if the entertainment tax cannot be altogether repealed, we will try to ensure that reimbursements are provided to incentivise the project for the organisers.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.
Speaking to the media, Mandaviya said at least three companies have expressed interest in operating the circuit where the race is proposed to be held.
The Indian Grand Prix was last held in 2013 before being discontinued due to taxation and bureaucratic challenges.
Expressing confidence about the revival, Mandaviya said, “There will be an F1 race in India in 2027. First race will be at Buddha International Circuit,” Mandaviya said.
However, sources within Formula 1’s parent company Liberty Media indicated that an agreement is still far from being finalised.
"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.
Formula 1 had earlier highlighted a fan base of 79 million in India while announcing its broadcast partnership last December.
The proposal also comes amid reports that the Adani Group is set to acquire debt-laden Jaypee Group assets, including the Buddh International Circuit, fuelling speculation over the venue’s return to the global motorsport calendar.
Mandaviya said the government would play a facilitative role, particularly in addressing tax issues that had earlier made hosting the event unviable.
"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.
He also pointed to broader geopolitical and sporting factors, adding:
"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.
Mandaviya added that infrastructure upgrades and fiscal incentives would be key to attracting Formula 1 back to India.
"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.
