Indian group confirms Aguri takeover talks

The Indian telco Spice Group has confirmed that it is interested in buying into the struggling formula one team Super Aguri. The Mohali-based company is reportedly leading a consortium of fellow Indian corporates, possibly including the business group Tata as a potential sponsor, who are keen to join the grand prix circus and bring former Jordan racer Narain Karthikeyan back to the grid.

Spice Group is already involved in single seater motor racing and Karthikeyan through promotion of the Indian A1 GP team.

The Indian publication Daily News and Analysis (DNA) reports that the Spice consortium proposes a buyout price of just $1, including underwriting the small Japanese team's $47m in debt. Aguri Suzuki will reportedly be left in charge.

Spice CEO Andaleeb Sehgal on Wednesday would not confirm that the Super Aguri takeover is complete.

"There has been no acquisition yet," he said. "We are talking to two teams at the moment. One of them is Super Aguri.

"As now we are waiting to come up with a realistic valuation of the team. Should we find a number within our reach we will then proceed to buy," Sehgal added. (GMM)