Force India will invest £50 million into new technology for the 2013 Formula 1 season.
The Vijay Mallya owned team came into Formula 1 in 2008, having bought Spyker, which was formerly Midland F1, and before that, it was the famous Jordan Grand Prix team.
Force India has been using tools and equipment that date back to the Jordan days (2005), and after a recent meeting, Mallya has confirmed that he will invest significantly in new technology to drag the mid-field team towards the front.
“We had a board meeting in India after the Abu Dhabi Grand Prix and the board has approved a £50 million (AUD $77 million) capital investment programme for the team,” he said in a statement.
“We are going to invest heavily in new technology and give more tools to our design team to try and move further up the grid.”
Force India currently sits in seventh place in the constructors’ championship with one race to go at Brazil this weekend.
Mallya says the team can hold its head high, given the outdated specification of its equipment and promises to be more competitive in the future.
“Looking back at the season so far, we have every reason to feel proud,” he said.
“We’ve scored more points than in any previous season and every year we’ve demonstrated that we’ve gone up the ladder.
“And we’ve taken fairly significant steps, not just baby steps. Given the tools that we have, which are mostly of the Jordan era, we have done exceptionally well.”
While Force India looks to its future, this weekend’s Brazilian Grand Prix marks the final event for Nico Hulkenburg with the team.
Hulkenburg will switch to Sauber next year, and Mallya thanked the German for his contribution to the organisation.
“Nico has been one of the stars this season,” Mallya said.
“He’s delivered exactly what we expected of him and brought a lot to this team. He has a big future in Formula 1 and we wish him well.”
Hulkenburg’s replacement is yet to be confirmed, but in a recent interview, he did not rule out the possibility of Adrian Sutil returning to his team.