MotoGP event at Buddh International Circuit gets Yeida nod
FairStreet Sports Private Limited is the promoter of the event
The Yamuna Expressway Industrial Development Authority (Yeida) has given its approval for the MotoGP event at the Buddh International Circuit in Gautam Budh Nagar district.
It is after a decade that the facility will host an international event which is set to witness participation of at least 62 riders from 20 countries.
The debt-ridden Jaypee Infratech Limited, which is facing a corporate insolvency resolution process, will not be organising the event. Instead, FairStreet Sports Private Limited is the promoter of the event.
“We have issued no objection certificate (NOC) for this sports project after the organising company assured the Uttar Pradesh government that it will invest at least ₹472 crore and create at least 500 jobs in this region. We have given this NOC with conditions. The permission is without the prejudice to the rights and contentions in the writ pending before Allahabad high court. The permission is subject to further orders and the final outcome of the proceedings,” said Arun Vir Singh, chief executive officer (CEO) of the Yeida.
The condition of the Yeida is that FairStreet Sports Private Limited will seek all approvals required for the event and make all arrangements as well.
“We have identified the vendor, event management company and also finalised other formalities including broadcasting rights related to the sports project. We are in the process of completing all formalities so that we can host a successful event that will draw around ₹1,000 crore investment in this region. We will revise the design of the Formula One Track that will suit this sports project,” said Pushkar Nath Srivastava, chief operating officer of FairStreet Sports Private Limited.