Vijay Mallya has denied he plans to sell his Force India Formula 1 team, on the back of his decision to shut down the low-cost arm of his airline.
Mallya announced earlier this month that he is to close the low-cost part of his Kingfisher airline in order to focus on the premium model and reduce debt.
Indian media reported Mallya could also be considering selling his Formula 1 team, but he has rubbished the speculation.
"I was shocked to read a media report that I am selling the Force India Formula 1 team," said Mallya in a statement.
"This is completely untrue and without any basis whatsoever. I take great pride in having been able to put an Indian team on the Formula 1 world championship grid and have worked very hard to greatly improve the performance of the team.
"Now that India is finally on the Formula 1 World Championship calendar, my commitment to Force India becomes even stronger. As team principal, I will continue to run the team and I have no plans whatsoever to exit."
The inaugural Indian Grand Prix takes places on 30 October.