Hyderabad, Dec 20 (IANS) : Telangana Rashtra Samiti (TRS) chief K. Chandrasekhara Rao Saturday said he was waiting for Prime Minister Manmohan Singh's statement on the formation of Telangana and warned the Congress that it would have to pay a heavy price if it backtracked on its commitment on the issue.

With the Dec 9 announcement of the centre on initiating the process for formation of Telangana triggering protests in coastal Andhra and Rayalaseema regions of Andhra Pradesh and plunging the state into a political crisis, the prime minister is expected to make a statement.

"We are waiting for PM's statement which he is expected to make on his return from Copenhagen. We will see his statement and then give our statement," TRS chief told a Telugu television channel.

"For us, Telangana state has already been formed but in case they go back on their statement, people of Telangana know how to react. Even military and police will not be able to stop them from achieving their goal," he said.

KCR, as Rao is popularly known, said the Congress party leaders of Telangana would teach a lesson to the party leadership if it backtracked.

The TRS president suggested forming a committee of intellectuals and leaders of all the three regions to address the issues and allay apprehensions the people of other regions might have.

Hoping that the entire process of formation of Telangana would be completed in five to six months, KCR declared that a Dalit would be the first chief minister of the new state.

Assuring full security and protection to people of coastal Andhra and Rayalaseema living in Hyderabad and other parts of Telangana, KCR, however, sounded a warning for investors and industrialists who had illegally acquired lands of the poor. "We will not spare such people whether they are from Andhra or Telangana," he said.

In this context, KCR named pharma major Reddy's Labs and former chief minister and Telugu Desam Party (TDP) president N. Chandrababu Naidu, saying the government of the new state would take back land illegally acquired by them in and around Hyderabad.