Oct.7 (GMM) Vijay Mallya on Friday denied reports he is close to selling his formula one team Force India.

Citing "sources", the Asian Age said the buyer is Indian business conglomerate Sahara India, with the deal "on the verge of being finalised".

The Deccan Chronicle said initially that as billionaire Mallya was travelling he could not be reached for comment.

But Reuters later quoted him as saying in a statement: "No question of my getting out of Force India."

With his native India hosting its inaugural grand prix later this month, Mallya added: "I have even more reason to improve team performance when India comes on the formula one map."

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