Mallya: India ready for GP in 2010

Indian Olympic Association (IOA) president Suresh Kalmadi said last year that Formula One Management had signed a 10-year deal with them and had approved two sites on the outskirts of New Delhi to build a circuit.

Mallya told a news conference in Germany on Friday that the land to build the track had already been bought and that construction would begin in October.

"The news is quite positive. I happened to be having lunch with the CEO of one of India's biggest banks and he confirmed that they had sanctioned a facility to the developer of the Indian track," Mallya said.

"He has actually bought the land and on October 1 construction of a brand new track will begin.

"So for the first time now I think I feel very confident to be able to say to you that there will be a brand new track and that we will have our first grand prix in 2010," added the Force India owner, who is also the chairman of the Motorsports Association of India.