Mumbai:The Maharashtra government is spending Rs 10 crore to bring a unique racing event to Mumbai - the formula 1 PowerBoat World Championship. The event has been organised by UIM, the Monaco-based international powerboating association. In March next year, the F-1 powerboat championship will be held at the Gateway of India. For the first time ever, the Formula 1 Power Boat World Championship will be held in India in the city of Mumbai. Fifteen countries will take part in the championship on March 5-6, 2004. Chief Minister Sushil Kumar Shinde who cleared the project in just two months says it will boost tourism and the state will recover its Rs 10 crore investment through advertisements. "Mumbai is an ideal destination for the powerboat championship and it will give tourism a major boost in the state," the Chief Minister said. And for Maharashtra, this seems to be just the beginning. The state government is hoping to bring more racing events to Maharashtra. It has also bid to bring the formula 1 car racing event to the state.