Hyderabad: Deputy Chief Minister, Bhatti Vikramarka, declared at a press conference held at the secretariat that Telangana’s interests would not be compromised. Addressing criticism regarding the perceived damage caused by the non-conduct of the Formula E-Race, he defended the government’s decision. Vikramarka explained that a tri-party agreement was initially signed involving the previous government, Formula E-Race, and Ace Next Gen, stipulating that the government provides track facilities. However, this agreement was later transformed into a by-party agreement, contrary to established rules.
According to the agreement, Rs 110 crore was to be paid for the race, with Rs 55 crore already paid. The outstanding Rs 55 crore was requested, but the previous government, deviating from business rules, made an error, mortgaging the state’s resources. Vikramarka highlighted that Rs 20 crore was spent on the track, and Hyderabad Racing Limited invested Rs 35 crore. During the race, roads were blocked for ten days a week, resulting in minimal revenue for the government, as the agency company that sold tickets left without contributing to state funds.