The Telangana government has sought permission from Governor Jishnu Dev Varma to prosecute Bharat Rashtra Samiti (BRS) leader KT Rama Rao (KTR) for alleged irregularities in the funding of the first Formula E race in Hyderabad.
During the previous government of BRS, the state government reportedly paid Rs 55 crore to the London-based organizer while the model code of conduct was in force without obtaining the necessary permission from the Reserve Bank of India (RBI).
Telangana Chief Minister A. Revanth Reddy confirmed that the Anti-Corruption Bureau (ACB) was independently investigating the case and highlighted procedural irregularities.
KTR, however, defended the payment, saying it was crucial to ensure smooth conduct of the race in Hyderabad and boost the city’s image as an electric vehicle (EV) hub. He said the decision was taken after the sponsors withdrew and the funds were released by the Hyderabad Metropolitan Development Authority (HMDA) under his guidance as Municipal Administration Minister. KTR said the event is part of Telangana Electric Vehicle Week, which aims to promote clean energy and attract investments in electric vehicle technology.
KTR claimed that the competition generated revenue of Rs 700 crore and attracted investments of Rs 2,500 crore, including from brands such as Amara Raja Batteries and Hyundai. He compared his efforts with past initiatives such as then Andhra Pradesh Chief Minister N Chandrababu Naidu’s attempt to host a Formula One race in 2003. The Formula 1 race in Ida cost Rs 1,700 crore but enhanced India’s global standing.
KTR criticized Chief Minister Revanth Reddy for canceling future Formula E races, accusing him of damaging Hyderabad’s brand value and discouraging investments. He claimed that the cancellation of events resulted in a loss of Rs 700 crore in the city’s brand value. KTR urges the government to investigate those responsible for canceling events.
The 2024 tournament was allegedly canceled due to breach of contract by the Telangana Municipal Administration and Urban Development Department due to the new Congress-led government not honoring the host city agreement signed in October 2023.
KTR said he was ready to face legal consequences, including jail time, to protect Hyderabad’s image and continue his work, vowing to continue fighting for the people.
