Proton, the owner of Group Lotus, has backed the decision to move into F1 after the British carmaker entered into partnership with the Renault team.

The announcement of the formation of the Lotus Renault GP team was made yesterday [Wednesday] after weeks of speculation that a deal could be forthcoming, with two Lotus Renault teams now entered on the grid.

Under terms of the deal, Group Lotus has acquired a major equity stake in the team and will benefit from a range of technologies developed in F1, with the likes of KERS and aero advancements set to swap over from racing to the Lotus road cars.

"We know that Group Lotus has much to offer Formula 1 and vice versa," Dato' Sri Mohd Nadzmi Mohd Salleh, Proton chairman, said. "After careful consideration, we believe this arrangement will be fruitful, both from a commercial and marketing point of view."

The announcement comes after Lotus made moves to expand its motorsport involvement, with the creation of a GT4 version of the Evora, the announcement of an LMP racing programme and a move into the IndyCar Series.