The Hindu Business Line : Formula One project stopped in its tracks in AP

According to Mr Botcha Satyanarayana, Minister for Major Industries, F1 is not on the agenda of the Congress Government. "We are not inclined towards the project as it involves huge investments. That is not our priority. Our priority is to provide basic amenities in rural areas and to support agriculture and basic industries," he said, virtually capping the project that was envisaged by the erstwhile Telugu Desam Government.

Addressing a news conference here on Thursday, he, however, clarified that the Government was not against all the projects taken up by the previous Government. "We will review them and take decisions, case by case. We will not scrap all of them at one stroke," he said. Mr Satyanarayana, who is accompanying the Chief Minister, Dr Y.S. Rajasekhara Reddy, to Mumbai to hold discussions with corporate majors on Friday, said the Government would give concessions to investors depending on the projects they took up.

The high-level delegation, which includes Mr K. Rosaiah, Finance Minister, would meet Mr Mukesh Ambani (Chairman of Reliance Industries), Mr Ajay Piramal (Chairman of Nicholas Piramal India Ltd), Mr V.N. Dhoot (Chairman of Videocon) and Mr G.L. Raheja (Director of Raheja).

The Chief Minister would also meet Mr Y.V. Reddy, Governor of Reserve Bank of India.

"We will ask them to invest in Andhra Pradesh. We will tell them the Government will provide all the help they may need," the Minister said. "We do have no specific targets as such," he said.

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