Kalmadi has my full support: Mallya

MUMBAI, September 18: Finally. With the Indian Olympic Association (IOA) receiving two draft contracts — race promotion and circuit right agreement, the formulae are falling in place for a Formula One race in India. And none is more happier than Indian business tycoon Vijay Mallya.
Mallya, who has bid for the takeover of the Spyker Formula One team, welcomed the news of the Indian Grand Prix taking a more concrete shape.
"I am delighted that the IOA headed by Suresh Kalmadi has reached in-principle agreement with the FOM headed by Bernie Ecclestone to stage a Formula One Grand Prix in India in 2010. As head of the Indian affiliate of the FIA, I will offer Kalmadi my fullest co-operation," Mallya told TOI in an exclusive chat on Tuesday.
With regard to the actual groundwork vis-a-vis land and financing, Mallya said, "The acquisition of land, execution of payment guarantees to the FOM and the finance required to build the track are extremely large commitments and cannot be taken for granted. Also, there are time deadlines involved.
"I have been overwhelmed by the enthusiastic response from several potential promoters of the Formula 1 Indian Grand Prix. This interest is from other parts of India as well. However, it is up to Bernie Ecclestone to decide on timelines and the financial closure for execution of the project by the IOA," the UB Group chairman said.
About the part he will play, the liquor magnate said, "As far as I am concerned, my role is that of a FIA recognised regulator on the one hand and supporter of Kalmadi's initiatives on the other hand. But most significantly, I have demonstrated my commitment by placing India on the Formula 1 World Championship grid, with an offer of over Rs 450 crores to acquire the Spyker F1 team."
With an Indian on the verge of a takeover of an F1 team, Mallya felt that an Indian GP makes it the icing on the cake. "Quite naturally, if a Formula 1 car sports the Indian tricolour, it is only in my best interests to participate in a Formula 1 GP in my home country," the 52-year-old said.
Mallya already has a Plan B in place if the race track hits a roadblock. "If the significant financial resources required to construct a F1 race track are not available within a time-bound programme, I will naturally encourage the street race concept," Mallya signed off.