🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Absent Mallya hopes for Force India boost in Spain

Published 09/05/2016, 18:33
Updated 09/05/2016, 18:40
© Reuters. Kingfisher Airlines Chairman Mallya speaks with the media in New Delhi
KGF
-

By Alan Baldwin

LONDON (Reuters) - Embattled Force India co-owner Vijay Mallya will not be attending Sunday's Spanish Grand Prix but he is hoping for a change of fortune on the track at least for his Formula One team in Barcelona.

The Indian government last month revoked Mallya's diplomatic passport, which he had been entitled to as a member of the upper house of parliament, and asked Britain to deport him.

Indian bankers are seeking repayment of about $1.4 billion owed by his defunct Kingfisher (LON:KGF) Airlines. He told the Financial Times at the end of April that he was in "forced exile" and had no plans to leave Britain.

The team confirmed that the 60-year-old beer baron, who has missed all four races so far this season and looks unlikely to be able to get to one until the British Grand Prix in July, would be absent from Barcelona's Circuit de Catalunya.

The Force India principal's financial problems have made more headlines than the results of team drivers Nico Hulkenberg and Sergio Perez this season but Mallya hoped a package of aerodynamic upgrades would bring some good news.

"It's on schedule to be fitted to both cars ahead of Friday practice," the Indian said in a team preview for the race. "It's pretty comprehensive and the car will look quite different."

A team spokesman said the upgrades would affect the bodywork around the cars' sidepods, front wing and floor.

Mercedes-powered Force India, who achieved a best ever finish of fifth overall in the 2015 constructors' championship, have scored only eight points so far in 2016 and are eighth in the standings.

Both drivers have suffered misfortune and accidents, caught up in chaos on the first lap of the most recent race in Russia.

"I hope we've used up all of our bad luck already," said Mallya. "We've yet to see how we perform in a clean, trouble-free race without safety cars, red flags or accidents.

© Reuters. Kingfisher Airlines Chairman Mallya speaks with the media in New Delhi

"Despite not realising our potential in Sochi (the Russian Grand Prix), we took encouragement from our qualifying and race pace: the car is improving and we've got a good base on which to build."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.