 Jordan gave India's Karthikeyan a drive two years ago |
Formula One bosses have signed a deal with an Indian company to build a racetrack in time for the 2010 season. JP Associates will develop the site at Greater Noida which is around 30 miles west of the Indian capital, Delhi.
India has been hoping to stage a Grand Prix since Narain Karthikeyan became the first Indian F1 driver in 2005.
And the news comes after leading Indian businessman Vijay Mallya recently acquired the Spyker team and renamed it Force India.
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Race promoters, the Indian Olympic Association, announced in September that Formula One management had approved two sites on the outskirts of New Delhi to build a circuit.
F1 supremo Bernie Ecclestone said the news would help develop the sport in India.
"India has always been known for its love of cricket, but F1 has been growing hugely in popularity in recent years as the viewing figures would suggest," said Ecclestone.
"Now with Vijay Mallya's team, and the news that Karun Chandhok could soon be driving in F1, the announcement of the future Grand Prix in India will spark an explosion of further interest to rival that of the traditional sport."
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