India company says on track for inaugural race in 2011,

Construction of India's Formula One track would not be affected by the global financial meltdown and it would be ready for its inaugural race in 2011, according to the head of the construction company building it. "The progress is very nice...I'm absolutely, absolutely confident (it will be completed)," Samir Gaur, managing director of India's JPSK Sports Pvt Ltd, who are building the track, told Reuters. "The track will be ready in 2011." The company has been floated by Jaiprakash Associates, a diversified group with market capitalisation of $2.8 billion that is controlled by Gaur's family. Jaiprakash is India's largest builder of dams with interests in hospitality, engineering, construction and energy. The track would be located around 50 km from the capital New Delhi and near Greater Noida, a fast growing satellite town.There had been doubts whether work would be delayed due to the financial crisis, especially after Formula One supremo Bernie Ecclestone said last October the inaugural race had been postponed from 2010. "The race was pushed back from 2010 because of the Formula One calendar," Gaur said. "From what we understand, they had scheduled an India race only in 2011." The funds for the track have been secured and work would progress as planned, he added

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