Hyderabad, Nov 8 (Representative) Rubbishing allegations of irregularities in hosting the Formula-E racing event here during BRS rule in Telangana, party’s working President K T Rama Rao (KTR) on Thursday said it elevated the city’s global image. Countering Chief Minister Revanth Reddy’s allegations, KTR clarified that no corruption was involved in the event, with all financial transactions being transparent and approved by relevant authorities. He stated, “If they want to file a case, let them. I’ll go to jail for two months and come back stronger, ready to continue the fight for Telangana’s future.” He stressed that the initiative was solely intended to boost Hyderabad’s brand image, promote sustainable mobility, and encourage investments in electric vehicles. Addressing a press conference at Telangana Bhavan here over the accusations from Congress leaders and a few media outlets, KTR asserted that he has devoted substantial time and resources to promote both the city and the state.
He stated, “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.” Responding to allegations of financial mismanagement, KTR clarified that around Rs 40 crore was spent by the government on the Formula E event. He explained that the Formula E race was not just a race but part of a week-long series of events under the Telangana E-Mobility Week, which drew numerous companies to consider investing in Telangana. He mentioned that the Formula E event brought around Rs 700 crore in economic benefits and attracted investments worth around Rs 15,000 crore, creating thousands of job opportunities.
He further noted that the funds were part of a tripartite agreement with Hyderabad’s urban development body HMDA, FIA, and sponsors. As a responsible government official, KTR emphasised that the Telangana government had made the decision to fund the Formula E race to boost Hyderabad’s brand, attract investments, and create employment opportunities. He clarified that he personally took responsibility for any administrative matters related to the event’s funding and operation. He also pointed out that the race helped increase Hyderabad’s visibility in over 49 countries, attracting major investments and promoting the city as a hub for electric vehicle technology and manufacturing. He 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.