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

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"The downturn could be the saving of F1: less really could be more if the sport's decision-makers hold their nerve and push for further cost reductions"
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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