No foul play in Formula-E deal: KTR, says event boosted Hyderabad’s brand image

Rubbishing allegations of irregularities in hosting the Formula-E racing event in Hyderabad and taking the fizz out of the false campaign unleashed against him, BRS working president KT Rama Rao on Thursday said the Hyderabad Metropolitan Development Authority (HMDA) had issued orders for release of Rs.55 crore to sustain the Formula-E initiative after the private promoter Greenko pulled out due to financial constraints.

Addressing a press conference at Telangana Bhavan here, Rama Rao pointed out that the HMDA was an independent board with the Chief Minister as chairman and Municipal Administration Minister as vice-chairman. As an autonomous body, HMDA did not require Cabinet approval to release funds. As per his instructions, the then Special Chief Secretary for Municipal Administration and HMDA Commissioner Arvind Kumar had ordered for release of funds to host the event.

“Formula-E was more than motorsports. It was the platform to organise Mobility Week, designed to attract Electric Vehicle (EV) manufacturers and position Telangana as a leader in EV technology,” he said, adding that the objective of the event was not only to promote motorcar racing, but also to boost Hyderabad’s brand image and attract investments in the EV manufacturing sector to improve the State’s economy. The race, part of a broader Mobility Week aimed at promoting EVs, was lauded for its economic impact, adding Rs.700 crore to Hyderabad’s economy, as per a Nielsen report.

Further, the Mobility Week also attracted investments at the State’s Mobility Valley at Divitipally including Rs.4,500 crore by Amara Raja Batteries and Rs.1,400 crore by Hyundai among other



investments.

“It was a strategic move to enhance Hyderabad’s global image and attract investments. We made Hyderabad known in 49 countries through the Formula-E race, attracting significant investments. But Chief Minister A Revanth Reddy’s hasty cancellation of the event in the second year has cost the city Rs.700 crore and tarnished its image,” Rama Rao said.

In response to accusations of corruption and fiscal mismanagement from Congress leaders including Chief Minister A Revanth Reddy, the BRS working president challenged them to prove the same, asserting that there was no misuse of public funds and charged the Congress for running a misinformation campaign for political gain.

“”If anyone intends to imprison me out of political vendetta for bringing investments to Hyderabad, creating an incredible brand for the city, and generating employment opportunities through these investments, I will not back down. If they want to file a case against me, let them file it and arrest me. I will return stronger and continue to question the inept governance of the Congress as well as its unfulfilled promises,” he asserted.

He criticised Revanth Reddy for jeopardising efforts to attract EV manufacturers like BYD, Hyundai and Amara Raja Batteries, which had proposed multi-crore investments under the government’s new EV policy. He stated that such accusations could adversely impact the investments crucial for Telangana’s youth and job growth. Stating that Revanth Reddy’s political agenda was detrimental to the city’s image, he also dismissed the Chief Minister’s proposal to host the Olympics in Telangana as an impractical and costly idea.