All set: Racers at the press conference on Friday ahead of the Formula 4 race in Chennai. | Photo credit: B. Jothi Ramalingam
Chennai, known as the ‘Detroit of South Asia’, is going to host a Formula 4 race from Saturday. The organisers hope that this event will boost the city’s image and economy.
The Chennai Formula 4 Racing Circuit is going to host India’s first night street circuit along with the Indian Racing Festival. The event is being organised by the Sports Development Authority of Tamil Nadu (SDAT) in partnership with Racing Promotions Private Limited, which holds the license for Formula 4 races.
Abhinandan B., co-founder of Racing Promotions Pvt Ltd, said, “We will submit a report on the economic impact of the event on the city after a month. Chennai is going to be one of the top 12 cities to host night races across the world…”
According to Nielsen Sports Analysis, the Greenko Hyderabad E-Prix, organised in association with the Telangana government and Ace Next Gen, had an economic impact of around $84 million on the Hyderabad economy. He further added, “We expect a similar impact in Chennai as the event has been promoted at multiple levels…”
Mr. Abhinandan said that more than 1,000 people have been employed on contract for the race. “There are 8-10 verticals involved in building the circuit, which includes aspects such as electronics, safety and security. About 85% of the people employed are from the local population,” he said. The State will get revenue in the form of taxes for ticket sales, food and beverages.
He further said that in Singapore or Monaco, the area where the race is held has a much higher real estate rate than other parts of the city. If such events become annual, it will be a big deal for the city. Also, there is a lot of tourism potential (in holding such events). He said that once it becomes an annual event, people from India and around the world will come to watch it. He said that the race is insured, including the drivers and the cars.
SDAT member secretary J. Meghanatha Reddy said the event is aimed at uplifting the city and putting Chennai on the global map. “This time our intention is to show the world that we are capable of hosting such an event. We firmly believe that as the race matures year after year, it will have a lot of potential. Many people from abroad and other states will also come to the city to watch the race; this will boost tourism,” he said, adding, “We are confident that the event will boost Chennai’s global image and more people will be willing to collaborate in the future….”
Screens have been set up at Marina and Besant Nagar beaches, PWD Grounds (opposite Secretariat) and Sathyamurthy Nagar for people to watch the event. “We want to establish Tamil Nadu as a racing hub. Coimbatore is already ahead, and we want to do the same in Chennai. The development of world-class racing infrastructure as a result of hosting the race will strengthen the State’s reputation as a major destination for international motorsports events,” Mr. Reddy said.
Tamil Nadu Tourism Secretary B. Chandra Mohan said the Chennai Formula Racing Circuit has major potential to boost tourism in Tamil Nadu by combining the thrill of motorsports with the cultural and economic development of the state, and will offer a variety of experiences to domestic and international tourists.
Greater Chennai Corporation Commissioner J. Kumaragurubaran said the event was of international importance and would greatly benefit the city.