Amidst reports claiming India's first and only Formula One racetrack, the Buddh International Circuit, has been sealed over pending land...
Amidst reports claiming India's first and only Formula One racetrack, the Buddh International Circuit, has been sealed over pending land dues, sources in the know have told carandbike that the track will remain open for all events. We have been informed that the order to seal the track was issued a month ago, and as of now, only the VIP gates have been sealed. Our sources also say that Jaypee Group, which built the Buddh International Circuit (BIC) in 2011, has already moved to the court for a stay application on the order issued to seal the facility.
Also Read: Jaypee Group Loses 1000 Hectares Of Land Used For The Buddh International Circuit
According to current media reports, Yamuna Expressway Industrial Development Authority (YEIDA) has sealed the Buddh International Circuit because its developers, Jaypee Infratech Limited, failed to clear it financial dues for the land. In fact, in December 2019, the YEIDA Board cancelled the lease deed of the 1000-hectare land with an aim to seal off the property due to outstanding payments. According to reports, the remaining dues on the land that Jaypee Group has to pay is around Rs. 600 crore.
The Buddh International Circuit hosted the Indian Grand Prix from 2011 to 2013
Home to several local and national racing events, the Buddh International Circuit hosted the Indian Grand Prix from 2011 to 2013 and was incremental in putting India on the global racing map. However, the venue was removed from the F1 calendar in 2014 after a tax dispute with the Uttar Pradesh government. The 5.14 km long circuit was designed by German architect and racetrack designer Hermann Tilke, and it was constructed at a cost of around Rs. 2,000 crore. Jaypee developed several other sports facilities, including a cricket stadium and other associated buildings for F1 races, on the plot along the 165 km Yamuna Expressway, which connects Greater Noida with Agra.
Developers of the Buddh International Circuit are expected to send out an official communication on the matter next week. Our sources have also told us that internally, the developers are confident that the racetrack will remain functional and the events would go on.
from CarandBike - Latest News https://ift.tt/2OXEgFj
COMMENTS