In a shock move, Hispania has signed Indian racer Narain Karthikeyan, the Indian driver who last raced in F1 back in 2005 with Jordan.

With many still wondering whether the Spanish outfit would even make it to the grid this year, the signing of the 34-year-old will be seen as a means of cashing in on F1's continuing growth in India, especially with the country due to host its maiden Grand Prix later this year.

"I have worked really hard to come back to F1 and it will be a dream come true to race in the first ever Indian Grand Prix in front of my fellow Indians," he told the Times of India. "I hope that they will spur me on with their blessings and good wishes.

Karthikeyan's sole season of F1 as a racer was in 2005 when he drove for the Jordan team which was then under the control of Russian businessman Alex Shnaider and his Midland Group. After a so-so season, not helped by the shortcomings of the EJ 15, he looked to have secured the test role with Williams only for the Grove outfit to recruit Alex Wurz leaving Karthikeyan as reserve test driver, a role he retained in 2007.

Between 2007 and 2009, he represented his country in the ill-fated A1 GP series also contesting the 2009 Le Mans Series and 24-Hour race with the Kolles Audi Team.

2010 was one of his busiest ever years, as he raced in NASCAR's Camping World Truck Series in America as well as the Superleague Formula in which he drove for PSV Eindhoven.

Naturally, money has played a significant part in the Hispania deal, Karthikeyan continuing to enjoy support from the Tata Group.

"It's been a while in the making, but I am delighted to be racing again in Formula 1 in 2011," he said. "I have always maintained that I have not given up on my desire to return to the top level of motor sport. I am confident that I have the pace, the fitness and the will to succeed in Formula 1. I am extremely grateful to the Tata Group, without whose unwavering support, this comeback would not have been possible.

"I'm looking forward to racing for HRT, and to working again with Dr Colin Kolles. We have a long standing and excellent working relationship together."

Hispania has yet to officially comment .