Hyderabad may not have to wait till 2006 to host a Formula One event. Formula One Power Boat Racing could be staged before that at the Hussainsagar lake in the city in 2004.

Formula One Power Boat Racing promoter Nicolo di San Germano, who called on visiting Andhra Pradesh Chief Minister N Chandrababu Naidu at Milan, Italy, on Monday, announced that he would enter into a Memorandum of Understanding with the state government in this regard on October 17, according to a statement issued by Chief Minister's Office in Hyderabad.

Germano is responsible for promoting the F1 World championship since 1993. It is the most popular water sport event in countries like Saudi Arabia, Yemen, Oman, UAE, Qatar, Bahrain, Kuwait, Lebanon, Syria, Jordan, Palestine, Egypt, Malaysia, Brazil and France, according to the statement.

Hosting the F1 Power Boat racing in Hyderabad will give the tourism industry a big boost. The surroundings of the Hussainsagar lake would be developed for water sports on par with international standards. The Chief Minister also discussed the development and modalities for establishing the infrastructure to conduct the event, the statement added.