Mallya in race to buy Honda's F1

Flamboyant Indian business tycoon Vijay Mallya is pitched against Mexican billionaire and one of the world's richest persons, Carlos Slim Helu, among others for buying the Formula One team of Japanese auto giant Honda, a report said today.

Honda put its Formula One team on the block earlier this month as it decided to move out of the racing activities due to the economic slowdown saying that it was looking to sell the team by the end of the year.

In a report published today, automotive industry website Motor Authority said that Carlos Slim, Force India's Mallya and UK-based motorsport and auto engineering group Prodrive's David Richards have emerged as the potential buyers. The other interested parties include a Swiss hedge fund and Greek shipping tycoon Achilleas Kallakis, it added.

Force India formula one motor racing team was formed last year after a consortium led by Mallya bought the Spyker F1 team for 88 million pounds.

Noting that Prodrive's Richards has "has travelled to the Middle East for talks with investors", the report said that "another serious candidate is Carlos Slim, a Mexican billionaire, who is the second richest man in the world."

"68-year-old Slim, who controls the telecommunications company Telmex, gave the game away when he visited the embattled team's UK headquarters last week," it said, adding, "His helicopter, displaying his official crest, was too big to be landed on the helipad, so the team had to clear the carpark."