Spyker have struggled in this season's campaign

The team, bought by Indian billionaire Vijay Mallya for �61m, will race under the new name with a logo in the colours of the India flag from next season.

Spyker made little impact in this season's championships, winning just one constructors' point.

But Mallya is determined to keep German rookie driver Adrian Sutil.

"I am very happy with Adrian Sutil and I've told team boss Colin Kolles that we need to keep him," he said.

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The team have undergone their third name change since 2005, when Silverstone-based Jordan was sold to Midland F1, which then became Spyker Cars when the Dutch sports car manufacturer paid �51m a season later.

Mallya is chairman and controlling shareholder of the UB Group, which has beer, spirits and airline operations in India.

And the ambitious businessman claims to have plenty of interest from potential Indian sponsors, although he said an Indian driver for the team was not an immediate priority.

India is set to host its first ever Grand Prix in New Delhi in 2010.