(Agencies)
Updated: 2007-11-15 16:55

NEW DELHI - Formula One bosses have signed a deal with an Indian company to build a race track near the national capital New Delhi, an Indian newspaper reported on Thursday.

The group, JP Associates, signed a contract last week to develop the site at Greater Noida, a fast growing area around 50 kilometres to the east of the capital, the Hindustan Times quoted a senior company executive as saying.

A 10-year contract has been signed between the company and F1 chief Bernie Ecclestone to build the track in a bid to bring the first race to India in 2010, the report said.

The Indian Olympic Association (IOA), the race promoters, could not be immediately reached for comment. IOA president Suresh Kalmadi announced in September that Formula One management had approved two sites on the outskirts of New Delhi to build a circuit and race promoters had been authorised to make the final choice.

F1 track architect Hermann Tilke inspected the sites and reported back to Ecclestone.

India, buoyed by its booming economy, has been hoping to stage a grand prix since Narain Karthikeyan became the first Indian Formula One driver in 2005.

Leading businessman Vijay Mallya has acquired the Dutch-owned Spyker team along with the team's director of F1, Michiel Mol, and renamed it Force India.