India will host its first ever Formula One Grand Prix on October 30, 2011 the world governing body of the game FIA announced on Wednesday, ending the country's long wait to become a part of the F1 calendar.

India will stage the 18th Grand Prix on the 20-race calender, released by the FIA after a meeting of the World Motor Sport Council in Paris.

However, the Indian GP is subject to FIA homologation.

India's F1 race will be held at Jaypee Group Circuit, which is under construction now in Greater Noida, about 50 kilometres from the national capital New Delhi.

In October, 2007, the FIA signed a Rs1600 crore contract with JPSK Sports Private Limited to organise an F1 race in India.

The estimated cost to develop the 5.15km circuit is about $215 million with a seating capacity of 150,000. The construction work is expected to be complete by June 2011.

The 2011 season will begin with Bahrain Grand Prix on March 13 and conclude on November 27 in Brazil.

The FIA decided to continue the championship with 12 teams till the 2012 season, saying they could not find a team

"A number of interested parties expressed their interest. It was considered that none of the candidates met the requirements to be granted an entry into the Championship. Consequently, the allocation of the 13th team will not be granted," a statement on FIA website said.