No Foul Play in Formula-E Deal: KTR Defends Hyderabad Event, Highlights Boost to City’s Brand Image

Hyderabad: Telangana’s Minister for Municipal Administration and Urban Development, KT Rama Rao, firmly dismissed allegations of irregularities related to the hosting of the Formula-E racing event in Hyderabad, addressing concerns raised by opposition leaders. Rama Rao clarified that the Hyderabad Metropolitan Development Authority (HMDA) had approved the release of Rs. 55 crores to sustain the event after private promoter Greenko pulled out due to financial constraints.

In a press conference held at Telangana Bhavan, Rama Rao emphasized that HMDA, an autonomous body headed by the Chief Minister, did not require Cabinet approval for fund allocation. The release of funds was directed by then Special Chief Secretary Arvind Kumar to ensure the successful execution of the event. The Formula-E race was part of a broader strategy to position Telangana as a leader in Electric Vehicle (EV) technology, complementing the broader Mobility Week that aimed to boost Hyderabad’s brand image and attract investments to the state.

“Formula-E was not just about motorsports; it was about leveraging the event to promote Telangana as a hub for electric vehicle manufacturing and to showcase the state’s commitment to sustainability,” said Rama Rao. According to a Nielsen report, the event brought an economic impact of Rs. 700 crore to Hyderabad’s economy, highlighting its positive contribution to the region’s growth.

The Minister also pointed to the success of the Mobility Week, which attracted significant investments in the state’s Mobility Valley at Divitipally, including major commitments from companies like Amara Raja Batteries (Rs. 4,500 crore) and Hyundai (Rs. 1,400 crore), contributing to job creation and economic development in the region.

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Rama Rao hit back at political opponents, particularly Chief Minister A Revanth Reddy, accusing him of damaging the city’s reputation and hindering investments. He criticized the premature cancellation of the event’s second-year edition, which he argued cost Hyderabad Rs. 700 crore and undermined efforts to make the city a global EV manufacturing hub.

Responding to corruption accusations, Rama Rao challenged the Congress to provide evidence, calling their campaign politically motivated and aimed at tarnishing the city’s image for political gain. He stated, “If they want to file a case against me, let them do it. I will return stronger and continue to challenge the ineffective governance of the Congress.”

Rama Rao also condemned Revanth Reddy’s stance against investments in the EV sector, particularly from companies like BYD, Hyundai, and Amara Raja Batteries, which were poised to bring substantial investments under Telangana’s new EV policy. He cautioned that such opposition could deter crucial investments necessary for job creation and youth employment in the state.

In closing, Rama Rao dismissed Revanth Reddy’s proposal to host the Olympics in Telangana as an impractical and costly endeavor, urging the focus to remain on more feasible and economically viable development projects for the state’s growth.