Vijay Mallya: Colorful Owner of Force India F1 Team
While cynics of the paddock could not be blamed for seeing in Vijay Mallya yet another in a string of unlikely saviors of one of the sport's formerly most popular teams, it turned out that not only did Mallya's passion come from the heart, but there was a lot more to his latest purchase than self-gratification.
''The critical issue is: 'India on the F1 grid,' '' Mallya said after he bought the Spyker F1 team and re-named it Force India.
''You will get 200 million fans overnight. It's humongous by world standards. It's good for Formula 1, it's good for the sport, it's good for the country.''
Indeed, it was part of a deal in an effort by both Bernie Ecclestone, the Formula 1 promoter, and powerful individuals in India to hold a Formula 1 race in one of the few major markets still missing from the global sport at the time. This was a key goal, as India is also one of the largest, fastest growing and youngest markets, with more than two million university graduates each year hungering for what Formula One represents: technology, cars and wealth. And in the end, in 2011, the series finally held that Indian Grand Prix to great fanfare and success.
''There have been five or six of us who have been pushing hard to get a Formula 1 event in India,'' said Mallya at the time he bought the team. ''But now, there'll be several million more Indians wanting the same thing.''
Mallya was also chairman of both of the Indian motor sport federations trying to sort out a venue for the race.
As the sport has expanded in recent years to China, Bahrain, Malaysia and Turkey, local governments have increasingly become involved in funding the race tracks, which generally cost from $100 million to $300 million, and in paying for the right to run the races. The Indian venture was different in that it was dependent on private investment.
''In a political structure like India,'' said Mallya, ''the government needs to look after the social welfare of the people and not Formula 1.'' In addition to being the chairman of UB Group, one of the world's largest liquor companies, and owner of Kingfisher beer and Kingfisher Airlines, Mallya, is also a member of Parliament.
His love of racing goes back to the 1970s, when he raced formula cars in India and other parts of Asia. He sponsored the Benetton Formula 1 team in the 1990s with the Kingfisher beer brand. This year, Kingfisher Airlines sponsored the Toyota team.
His father, Vittal Mallya, built a business empire in alcoholic beverages, processed foods and holdings in other companies.
In 1983, Vittal Mallya died while in his fifties and left his fortune to Vijay, then only 27.
The playboy reputation he had developed as a young man took years to overcome, but by 2005, when he founded the airline, he had achieved respect from the business community. He is still known, however, for lavish parties on his three yachts, one of which was previously owned by the actor Richard Burton. Mallya owns scores of homes around the world, a Boeing 727 for personal use, two other corporate jets and a vintage car collection.
However, it is not only his conspicuous consumption and flamboyant personality that have drawn attention in Business Week, Newsweek, Time and the major world dailies. His personal fortune is estimated at $1.5 billion and revenue at the UB Group is at $1.2 annually. He is involved in many other businesses, including newspapers, engineering, fertilizers and petrochemicals.
''The critical issue is: 'India on the F1 grid,' '' Mallya said after he bought the Spyker F1 team and re-named it Force India.
''You will get 200 million fans overnight. It's humongous by world standards. It's good for Formula 1, it's good for the sport, it's good for the country.''
Indeed, it was part of a deal in an effort by both Bernie Ecclestone, the Formula 1 promoter, and powerful individuals in India to hold a Formula 1 race in one of the few major markets still missing from the global sport at the time. This was a key goal, as India is also one of the largest, fastest growing and youngest markets, with more than two million university graduates each year hungering for what Formula One represents: technology, cars and wealth. And in the end, in 2011, the series finally held that Indian Grand Prix to great fanfare and success.
''There have been five or six of us who have been pushing hard to get a Formula 1 event in India,'' said Mallya at the time he bought the team. ''But now, there'll be several million more Indians wanting the same thing.''
Mallya was also chairman of both of the Indian motor sport federations trying to sort out a venue for the race.
As the sport has expanded in recent years to China, Bahrain, Malaysia and Turkey, local governments have increasingly become involved in funding the race tracks, which generally cost from $100 million to $300 million, and in paying for the right to run the races. The Indian venture was different in that it was dependent on private investment.
''In a political structure like India,'' said Mallya, ''the government needs to look after the social welfare of the people and not Formula 1.'' In addition to being the chairman of UB Group, one of the world's largest liquor companies, and owner of Kingfisher beer and Kingfisher Airlines, Mallya, is also a member of Parliament.
His love of racing goes back to the 1970s, when he raced formula cars in India and other parts of Asia. He sponsored the Benetton Formula 1 team in the 1990s with the Kingfisher beer brand. This year, Kingfisher Airlines sponsored the Toyota team.
His father, Vittal Mallya, built a business empire in alcoholic beverages, processed foods and holdings in other companies.
In 1983, Vittal Mallya died while in his fifties and left his fortune to Vijay, then only 27.
The playboy reputation he had developed as a young man took years to overcome, but by 2005, when he founded the airline, he had achieved respect from the business community. He is still known, however, for lavish parties on his three yachts, one of which was previously owned by the actor Richard Burton. Mallya owns scores of homes around the world, a Boeing 727 for personal use, two other corporate jets and a vintage car collection.
However, it is not only his conspicuous consumption and flamboyant personality that have drawn attention in Business Week, Newsweek, Time and the major world dailies. His personal fortune is estimated at $1.5 billion and revenue at the UB Group is at $1.2 annually. He is involved in many other businesses, including newspapers, engineering, fertilizers and petrochemicals.