State to use boat race funds to spruce up Marine Drive

 Already a Rs 1.8 crore bank guarantee has been issued to the international organisers of the event.

 Secretary (special projects) Sanjay Ubale, who has just returned after signing the agreement for the event, said the event will cost the state Rs 9 crore, which is expected to be borne out of the proceeds of the TV and sponsorships rights that the state has bagged for the event.

 Currently, the state is negotiating with some event management companies to explore the possibility of selling the Indian TV rights of the event.

 Ubale told Business Standard: