Unfazed by charges, KTR says he is ready to be behind bars

Hyderabad: Stating that he had given money to the promoter of the Formula E as the ‘Minister and government’ and there was no need for permission from the government, the BRS working president KT Rama Rao on Thursday said he was ready to go to jail and come out trim to take up padayatra.

Addressing a press conference here at Telangana Bhavan on Thursday, Rama Rao vigorously defended his efforts to elevate Hyderabad’s global image, especially through the Formula E race, amidst alleged criticisms. Asserting that he has devoted substantial time and resources to promote both the city and the state, Rama Rao said, “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. I am ready to go to jail for a few months… do Yoga and come out trim to take up padayatra.” He said since the money was not taken from the Finance department, there was no need for taking permission from the government.

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. The Formula E event brought approximately Rs 700 crore in economic benefits and attracted investments worth around Rs 15,000 crore, creating thousands of job opportunities, he said, noting that the funds were part of a tripartite agreement with Hyderabad’s urban development body HMDA, FIA, and sponsors.

KTR said 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 clarified that no corruption was involved in the event, with all financial transactions being transparent and approved by relevant authorities. He alleged that CM Revanth Reddy, by cancelling the Formula E had ensured the money given by the government to the promoter.