F1 bound for India

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IOA president Suresh Kalmadi revealed at a news conference that the agreement was conditional on having a venue approved.

"We have received a letter in this regard from Bernie Ecclestone, CEO of Formula One. The IOA will be the promoter and the first event will be held in 2009," he said.

New Delhi is to be the location for the construction of a brand-new facility, and the IOA has ruled out the possibility of the race being held on a street circuit.

Kalmadi will now turn his attention to securing sustainable financing for the event through government and private funds, with Formula One Management (FOM) stipulating that financial guarantees must be presented by September 30 2007.

"We have an agreement in place, a formal contract will be signed once things move forward," Kalmadi added.

"It's a tough task, but we're hoping to meet the challenge."

Should the Indian GP organisers meet FOM's demands, the race would become the fifth new venue to be added to the calendar in recent months.

Valencia and Singapore will hold races for the first time in 2008, while Abu Dhabi will enter the fray in 2009 followed by South Korea a year later.