Indian businessman Vijay Mallya is understood to be involved in an 80 million euro bid for the Spyker F1 team, along with Michiel Mol.

Mallya's Watson Limited and Strongwind, which is owned by the Mol family, are understood to have made the joint bid for the former Jordan team.

A joint statement issued today read:

"This offer has been accepted by the Board of Spyker Cars N.V. and exclusivity has been granted to the consortium Orange India Holdings Sarl to proceed with due diligence... to achieve completion within 30 days.

Currently, the logos of Mallya's Kingfisher brand are to be found on the Toyota F1 cars, and should the bid be ultimately successful it is possible that the Spyker team could have a name change - its fourth in as many years - which would incorporate Kingfisher.

With Bernie Ecclestone keen to see F1 in India, the F1 supremo would surely welcome the bid, especially as the fun loving Mallya enjoys a high profile in the country, where he is a Member of Parliament in addition to being chairman of both the Federation of Motorsports Clubs in India (FMSCI) and Motorsport Association of India (MAI).