May 16 (GMM) Monisha Kaltenborn has become a formula one team owner.

Peter Sauber announced on Wednesday that he has given the 41-year-old Indian, who is his Hinwil based team's chief executive, one third of the Swiss outfit.

Previously, in the wake of former owner BMW's departure, boss Sauber owned 100 per cent of the team he founded in 1993.

A media statement said Sauber, 68, made the decision "in the interests of continuity".

"My desire is to ensure that the company continues to be led as I would want over the long term," he commented.

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