Force India team principal Vijay Mallya on Friday denied reports he is planning to sell the Formula One team on Friday calling the claims "completely untrue".
Mallya, who also owns the Kingfisher airline, recently announced plans to shut down the carrier's budget arm.
Following that news, the Asian Age newspaper reported Friday that Indian conglomerate Sahara India Pariwar "is believed to be in talks to take over from Mallya".
In response Mallya released a statement at the Japanese Grand Prix in Suzuka on Friday saying he was "shocked" by the report.
"This is without any basis whatsoever. I take great pride in having been able to put an Indian team on the Formula One World Championship grid and have worked very hard to greatly improve the performance of the team," he said.
"Now that India is finally on the Formula One World Championship calendar, my commitment to Force India becomes even stronger. As team principal, I will continue to run the team and I have no plans whatsoever to exit."
India host a Grand Prix for the first time on October 30, when the Buddh International Circuit outside of New Delhi makes its debut as a world championship venue.