Milan (Italy): Hopeful of hosting a Formula One motor-racing event in Hyderabad in 2006, Andhra Pradesh Chief Minister N Chandrababu Naidu is confident that it will enhance the city's profile and create enormous job opportunities in the state.

"The Formula One is a project which is very close to my heart. We had prepared well for the meeting and gave an indication of what we intend to do. The response has been positive. We are very hopeful of hosting an event in 2006," Naidu said after a one-to-one meeting with Bernie Ecclestone, the F-I boss.

"It is a project which will enhance Hyderabad's profile and also create direct and indirect employment opportunities to lakhs of people," he said.

Naidu said he was looking at the long-term benefits of bringing Formula One in Hyderabad and was determined to go ahead with the project even if it elicited criticism from some political parties.

The Chief Minister, whose meeting was scheduled for 10 minutes but lasted 45 minutes, described his talks with Ecclestone as "positive and satisfactory".

After the one-to-one meeting, some key members of the 19-strong delegation joined in the discussions and also submitted a bid document to Ecclestone.

Naidu said his government has tied up with International Management Group (IMG) to promote and create sporting infrastructure in Andhra Pradesh.

"We will be renovating and completing a few projects before the Afro-Asian Games later next month (October).

"IMG will be investing around Rs 700 crores for creating the infrastructure, which will also include building two cricket stadiums," he said.

"My aim is to create the best possible infrastructure in my state. Top IT companies like Microsoft and Dell have started coming to Hyderabad.

"We need to encourage more companies to invest. I think this project will not only boost tourism but will attract so many other industries," he said.

Naidu was not unduly bothered that Formula One was not a very popular sports in India and may not attract the desired crowd to the tracks.

"It may not be as popular as cricket in India, but definitely it is picking up. A lot of young people have started taking interest in racing. In fact, it has the second highest viewership in India, so it shows that it's growing.

"India is a big country and I am sure if given the opportunity we can compete and do well in the sport. We need to create the infrastructure. If we have a Formula One track it will help aspiring Indian drivers. It will popularise the sport to a great extent," Naidu said.

Naidu came to Milan at the invitation of Ecclestone who wanted to discuss the size of the proposed event in Hyderabad and the requirements for hosting it.

PTI