India's status as the hottest emerging market for Formula One has been reinforced by reports that Renault F1 has approached an Indian multinational for a sponsorship deal starting from next year.

A Renault India official has been quoted as saying that the French team was in talks with an Indian multinational company following the decision by its main sponsor ING to withdraw from Formula One from 2010.

Meanwhile, an official of Renault F1 confirmed that the team was exploring a number of opportunities in new and developing markets including Asia and the Far East. "But at this stage discussions are of a confidential nature," he remarked.

Meanwhile, there is plenty of speculation about the new sponsor. Considering the Indian connection and the fact that Renault team boss Flavio Briatore and steel tycoon Laxmi Mittal are the co-owners of Queens Park Rangers, the Mittal group is being seen as a likely candidate.

Of late, India's presence in Formula One — both in terms of sponsorship and interest — has been increasing. India already has a substantial involvement in F1 in the form of Vijay Mallya-owned team Force India and Ferrari's relationship with Tata Consultancy Services.

Earlier, Tata had been involved in sponsorship deals with Williams and Jordan as well.

Last year, current world champion and McLaren Mercedes driver Lewis Hamilton visited Mumbai to attend various promotional events in the city while Renault thrilled people in Delhi with a road show in which Renault motorsports was present in full force. F1 driver Nelson Piquet Jr was the star performer during that event.(DNA Correspondent / DNA-Daily News & Analysis Source: 3D Syndication )