"Some international news organisations are trying to spread rumours that JPSI may not host 2014 Indian GP. This is totally baseless and malicious," spokesman Askari Zaidi said.
"Our agreement with Formula One Management is to hold F1 races at Buddh International Circuit (BIC) till 2015, and we are fully committed to do that. There is no reason for us to give up hosting F1 races. We are fully committed to promote motorsport in India in collaboration with local government and global and local motorsport organisations."
India's first Formula One Grand Prix hosted on 30 October 2011 has been awarded the '2011 Motorsport Facility of the Year' award by various media publications at their annual awards.
BIC has also been honored with the 'Best Promoter Trophy' for the successful conduct of Formula One races in 2011 & 2012 at the FIA prize giving gala. This year's race will take place at the Buddh International Circuit on October 27.
