Machdar Motorsports To Raise R200Cr For i1 Super Series
by Charmi Gutka
Machdar Motorsports Private Limited is planning to raise R200Cr from PE funds.
The funds raised will be used for i1 Super Series (Indian racing League) to be held next year to pay the drivers, cars and also the venues.
Machdar Motorsports launched a new racing championship called the i1 Super Series. The inaugural series is planned for the 2013 season. The races will be held at FIA approved motorsport circuits around Asia. The championship will have a prize money of $2 Mn.
The league comprises on nine teams which are city based franchises. Each team will be represented by two drivers, at least one of whom must be a certified Indian driver. Each team will race with two cars, thus forming an 18-car grid.
UTI Ventures Funds Management Company Private Limited, the private equity investment subsidiary of UTI Asset Management Co Pvt Ltd, has sold its stake in Ascent Capital Pvt Ltd to the management of the firm, which is headed by Raja Kumar.