J Jayalalithaa, the Chief Minister of the southern Indian state of Tamil Nadu has said that the state capital, Chennai will host this year's World Chess Championship from 6 to 26 November.

The state government will release Rs. 29 crore for organising the event, which will be organised in the country for the first time. The government had also expressed interest in hosting the event in 2012, but the event was allotted by the World Chess Federation to another bidder, Russia. Jayalalithaa said that she had met World Chess Federation President Kirsan Illyumzhinov in 2011and presented the proposal to host the event in Chennai.

"Accepting the request of the federation, my government has decided to conduct the event in Chennai from 6 to 23 November this year. A sum of Rs 29 crore will be allocated for the purpose," she said.

She said that the federation allotted the event to the southern state without going through the bidding process. She also said that World Chess Champion Viswanathan Anand and leading player Magnus Carlsen of Norway, who is currently ranked number 1 will be among the player participating in the event.