Tony Fernandes has denied a report that suggests Team Lotus is about to receive new investment from India.
The country’s Economic Times said today that Gaurav Burman, whose family owns consumer goods company Dabur India, is buying a 10% stake in the team, valued at $10m.
Sources, claimed to be “executives with direct knowledge of this development,” apparently told the paper that this will increase to 50% in the next two or three years.
However contacted by this blog Fernandes said: “I’ve never heard of him. I have no idea what they are talking about.”
London-based Burman is a director of private equity firm Elephant Capital plc, president of US-based Atlas Acquisitions, and is also an investor in IPL cricket team Kings XI Punjab. He previously worked at Dresdner Kleinwort Capital in New York.
If nothing else the story suggests that in the light of Sahara’s investment in Force India interest in the sport is growing.