Travers Smith and Milbank Tweed Hadley & McCloy have taken lead positions on Sahara Group's $100m (£62.5m) acquisition of a 42.5% stake in the Force India Formula 1 team, the first Indian team to enter the FIA Formula 1 World Championship.

Travers advised Force India and its co-founder Vijay Mallya on the sale, with a team led by corporate partner 
Andrew Gillen.

Milbank advised Indian business conglomerate Sahara, fielding a team led by London corporate head Stuart Harray alongside City corporate partner 
Sean Keaton.

The deal saw Sahara acquire a 42.5% stake in Force India, handing it co-ownership with Mallya, who now also holds the same share. The remaining 15% will continue to be held by the Mol family, with Dutch businessman Michiel Mol the director of 
Force India.

Travers and Milbank were first instructed in September this year, with the deal closing on 12 October. The acquisition has led to the renaming of Force India to Sahara Force India F1 Team.

Mallya, the owner of Indian spirits company UB Group, is a longstanding client of Travers, and in 2007 the firm advised him on his purchase of Force India from Dutch car manufacturer Spyker Cars. Force India joined the F1 World Championship in 2008.

The role for Milbank comes after the US law firm advised Sahara on its $726m (£454m) acquisition of Grosvenor House Hotel from the Royal Bank of Scotland in December last year.