ST to take a loan with mortgage of buses

Process in final stage
ST to take a loan with mortgage of buses

Nashik : Financially strapped ST Corporation has started the process of borrowing Rs 2,000 crore from a government bank. The process is in its final stages. However, for this loan, along with depots and stations, ST buses will also be mortgaged.

As soon as the lockout started from March 22, ST passenger traffic was stopped. As a result, it stopped earning Rs 22 crore a day. It affected the salaries of the employees and they started getting it late. The ST Corporation has so far received only government funds for salaries. But it was decided to take a loan from a government bank as ST needed huge funds to cover other expenses including salary.

In the first week of November, a loan from a government bank was sealed and the process was started. Further discussions have been held with the bank before Diwali, in which the corporation has indicated its readiness to give some depots and bus stands for loans. A list of some depots is also given considering the value of ST depots. It is understood that it has been decided to mortgage ST buses too,along with depots.

Properties of ST

* There are 250 depots, 609 bus stands and 18,600 buses. Its real value is a few thousand crore rupees.

* The total cost of ST buses is Rs.700 crore. At present, the corporation has simple buses as well as Nimaaram, air-conditioned Shivshahi, Shivneri, Ashwamedh buses.

* Information on bus depots and stations, as well as how many and what type of buses will be pledged is being kept secret.

* If a loan of Rs 2,000 crore is received, ST Corporation will pay a monthly installment of Rs 40 crore to the bank.

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