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Page last updated at 15:54 GMT, Friday, 19 December 2008

Ferrari announce sponsorship deal

Tata Consultancy Services, part of Asian conglomerate Tata Group which produces the world's cheapest car, will sponsor Ferrari from next season.

"For the first time an Indian brand will appear on a Ferrari," Ferrari chief Luca di Montezemolo said.

The Tata Group and Ferrari's parent company Fiat already have a joint venture to produce cars in India.

The sponsorship deal comes at a time when Formula One has announced a series of cutbacks to ease financial pressures

MATT SLATER BLOG
Honda pulled out from the sport earlier in December, while cost-cutting measures have also been announced.

From next season, savings equating to at least 30% of total budgets will be made on engines, training and staff numbers. Further cuts will then be made for the 2010 season, including an end to refuelling in races.

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see also
Medals would help F1 - Ecclestone
15 Dec 08 |  Formula One
F1 unveils cost-cutting blueprint
12 Dec 08 |  Formula One
The battle to save Formula One
12 Dec 08 |  Formula One
Big teams pledge to remain in F1
06 Dec 08 |  Formula One
Global crisis ends Honda F1 era
05 Dec 08 |  Formula One


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