Days ahead of the inaugural Indian Grand Prix, a consortium has announced plans to build an F1 standard track in Mumbai.

The consortium, comprising Capita Symonds, Populous and DIMTS (Delhi Integrated Multi Modal Transit System Ltd), has been appointed by the Maharashtra State Road Development Corporation (MSRDC) to prepare a masterplan and business case for a new multipurpose race circuit and regeneration project.

According to Capita Symonds, the venue will be designed and constructed to meet the highest level of Grand Prix standards. The project team is built around world class experts with unrivalled experience of regeneration, development, engineering, transportation, motorsport and other major sporting events. Capita Symonds and Populous have delivered designs for some of the world's most famous iconic sporting venues, including the London 2012 Olympic Stadium and the surrounding Olympic Park, Wembley Stadium, Wimbledon Tennis Ground, Oval Cricket Ground, and Silverstone - the original home of British motorsport.

Initially the consortium's scope of work is to identify the potential location for the circuit and associated development in Mumbai and around the city. This will be followed by the development of a business case and plan that will assess market demand and the potential opportunities and risks for the sites. The team will prepare a Vision Plan, Commercial Feasibility Study, a detail Conceptual Masterplan, and a PPP Concession Contract to deliver the Mumbai F1 development.

Comprehensive analysis and assessments will be undertaken considering long term financial, social and environmental viability. This viability will be achieved in part through the creation of a mixed use community comprising commercial, retail, leisure and residential properties that will be centred around the circuit complex providing a year round focus for the development. Issues such as accessibility, traffic management, sustainable transport links and infrastructure gap assessments will also be addressed.

The Capita Symonds, Populous and DIMTS team will be working with the FIA and FIM to ensure that all aspects of the scheme meet the licensing and regulatory requirements of national and international motor sport on four and two wheels for all future events.

"Our appointment reflects the consortium's growing strength in master planning, transportation and design of some of the world's leading motor racing circuits and regeneration projects," said Jerry Muscroft of Capita Symonds. "The consortium understands how large sporting projects can be 'Urban Generators' that enhance and encourage development. We will lead the way with sports master-planning and sports community generation, and appreciate how considered designs can create significant value to neighbouring areas and communities.

"We are committed to delivering the next generation of racing circuits, with great racing, over-taking, world class facilities and architecture; but above all the intention is to create a sustainable venue that will not need continuous financial support, and will facilitate investment and re-generation."

"This is an exciting opportunity to create a very special circuit and facility in Mumbai and India as well as a development that will help bring diverse investment," added John Rhodes of Populous.