Formula One man Bernie Ecclestone has today confirmed that after much speculation a contract has been signed this week with JPSK Sports Private Ltd, a subsidiary of Jaiprakash Associates Limited, to stage the first ever Formula One Grand Prix in India, to be held in Greater Noida, The National Capital Region of New Delhi in 2011.

Jaypee’s agreement is for a race for seven years. A letter of credit with the rights fees for three years has reportedly already been commissioned.