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Translation of a news item in Ananda Bazar Patrika dated 13th June, 2001
The West Bengal Government is considering entering into a joint venture for the Formula-One car-racing project at Rajarhat in order to see that the project becomes a reality. The Chief Minister has himself directed that the possibility of the state government's participation in a joint venture for the Formula-One car-racing project should be examined in detail. For this purpose, a committee has been constituted under the leadership of Manish Gupta, Chief-Secretary. The committee is to submit its report within a month's time. Other than Amit Kiran Deb, Secretary to Chief Minister, the committee includes the Sports Secretary as a member. Also included are two representatives of the promoters of the project.
The state government has taken this extra-ordinary step due to a sudden an unexpected obstacle faced by the project in spite of the fact that a memorandum of understanding (MOU) had already been signed two years ago for completion of the project. In fact, even a few years back, it was unimaginable that the Left Front government would be considering a joint-venture participation in a project like Formula-One car racing. However, the government is not willing to lose the opportunity for industrialisation and investments taking place in the state.
An international tobacco company was to be the main sponsors of the Rupees 700 crore (Rupees 7000 million) project, but due to a ban on sponsorship of sporting events by companies manufacturing cigarettes, there were uncertainties in the realisation of the project. This was in spite of the fact that the state government had already allotted land and made other preparations for the project. The construction of the Formula-One track alone would be costing Rupees 350 crore (Rupees 3500 million).
The state government, as a partner in the joint venture, will be making a major contribution towards the project by way of allotment of land, construction of road between the airport and the stadium as also arrangements for supply of electricity and water. The total cost of this is estimated to be Rupees 100 crore (Rupees 1000 million).
According to the state government, they are examining the possibility of a joint venture in order to ensure that the project becomes a reality. This is because of the fact that once the project is completed, the whole of West Bengal will be on the map of international tourism. Investment interest in the state is also likely to increase once this project comes through.
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