The prestigious Formula 1 event next year in India will generate thousands of crores of revenue and will be one of the major sports events in the world.

In June 2007 Suresh Kalmadi, the president of the Indian Olympic Association, signed an agreement with Formula One, to bring the sport into India and promote it in the country.

In October 2007 JPSK Sport a company was formed to organize and promote the event in India. This company was selected without any tendering or other transparent process. It signed a Rs.1600 crore contract with F1 Administration Limited.

The company is co-owned by Sumeer Kalmadi’s Sulba Realty Private Limited that holds a 13% stake in it. A year after this Suresh Kalmadi’s daughter Payal Bhartia and son-in-law Aditya Bhartia were also made Directors in JPSK.

The land acquired from the UP Government was originally allocated as a SEZ project.

The IOC subsequently withdrew from the process after having setup Sumeer Kalmadi’s interests in the event.

References & Sources:
Jaypee_Group_Circuit
Indian Grand Prix on Wikipedia
Kalmadi’s kin shares booty