IMAGE: The Indian F1 Grand Prix went off the calendar after three editions from 2011, largely due to the serious financial problems faced by promoter Jaypee Group and the red tape around the event. Photograph: Adnan Abidi/Reuters

Key Points

• The India F1 Grand Prix was held for three seasons from 2011 to 2013 before being dropped from the F1 calendar due to tax and bureaucratic issues.
• Insane costs are involved in a hosting a Formula 1 race, ranging from US$ 20 million to $60 million annually.
• Sports Minister Mansukh Mandaviya wants restart F1 in India as soon as possible.

The Sports Ministry is keen to bring Formula 1 back to the Buddh International Circuit in Noida in the near future and has already initiated dialogues with the track authorities to revive the race last held in India in 2013.

According to a ministry source, Sports Minister Mansukh Mandaviya has already visited the circuit in Greater Noida and held talks with officials from Yamuna Expressway Industrial Development Authority, the state run body which took control of the facility from the owners – the now bankrupt Jaypee Group.

Adani is in fray to buy the troubled Jaypee Group and once that happens, the whole process of trying to get the race back in India may gain momentum. What is clear for now is that the central government wants the high-profile sport to return to the country.

The India F1 Grand Prix was held for three seasons from 2011 to 2013 before being dropped from the F1 calendar due to tax and bureaucratic issues.

"The minister went to see the F1 track in Greater Noida recently and held discussions with promoters about when latest the race can be restarted. He has told the track owners to hand over the track to any sports management company for 2-3 years, who will work on the sport’s comeback to India," the source said.

"Tax issue is there in hosting F1 but this will be resolved soon. The minister has told the promoters to restart F1 as soon as possible," the source added.

Huge costs involved in hosting F1 race

However, it would take a concerted effort from all stakeholders to bring Formula 1 back to India.

Already dealing with a record 24-race calendar and the growing interest from countries to host the globally followed event, F1 is spoilt for choice when it comes to awarding races.

Insane costs are involved in a hosting a Formula 1 race, ranging from US$ 20 million to $60 million annually.

A substantial chunk of the races on the existing calendar are bankrolled by the government, especially in the oil-rich middle east.

What works in favour of India is that it already has a world class racing facility like the Buddh International Circuit.

The three races in India in the previous decade had drawn massive crowds before fading into darkness due to red tape and taxation hurdles.