Oct.12 (GMM) Despite boss Vijay Mallya's recent denials, the part-sale of Silverstone based Force India was confirmed late on Wednesday.

The team will be renamed Sahara Force India, the Indian billionaire sitting alongside conglomerate Sahara India's Subrata Roy announced in a Delhi hotel.

"On behalf of the Force India team, I am delighted to announce this partnership," said Mallya.

"Sahara India will invest 100 million dollars and will have a 42.5 per cent equity share," he revealed, according to Indian commercial broadcaster NDTV.

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