New Delhi, Aug 18 (IANS) Telecom giant Bharti Airtel Thursday announced that it will be the title sponsor for the first Formula One sporting event in India Oct 30. It also unveiled the official logo for the Airtel Grand Prix of India.

"Right through its growth path, Airtel has been associated with speed, performance, calculated risks and excitement, the very words that spring to mind when you think of Formula One," said Sanjay Kapoor, the company's chief executive officer - India and South Asia.

"Hence it is only natural that Airtel and Formula One together bring to life the dreams of million of passionate sports enthusiasts in India, giving them the opportunity of a lifetime to watch the very first Airtel Grand Prix of India in person," he added.

The event, which is to be hosted at Buddh International Circuit in Greater Noida, will put India on the prestigious list of countries on the global F1 map.

F1 is a sports phenomenon that initially originated from Europe and went across the globe to become a rage. It today enjoys the cult following of a whopping 500 million plus fans.

The company however did not disclose any financial details of the agreement. "Such events do not come cheap, we see value for investment. A leader like us must take lead for a sponsorship like this," Kapoor said.

The company said it will come up with a host of additional offerings, including F1 exclusive mobile applications, and initiatives for customers in the weeks ahead to promote the event. But it denied to give details.

"Lot of new offerings await as we build up momentum to the finals."