RTC mortgages Vijayawada bus station
Vijayawada: With State Government not releasing its share as part of the JNNURM scheme and not reimbursing concession amounts extended to various sections, the debt-ridden APSRTC has mortgaged Pundit Nehru Bus Station at Vijayawada and Guntur Bus Stand with a bank to secure a loan of Rs 170 crore.
While the APSRTC is reeling under severe financial crisis, the higher-ups are lavishly spending the corporation's funds.
The officials, without taking into consideration the fate of the corporation, are mortgaging the APSRTC prime properties upon the directions of the Transport Department.
As part of the JNNURM scheme, the Centre will bear the 50 percent of the cost, the State Government 20 percent and the rest 30 percent by the APSRTC in the procurement of new buses. However, the State Government is not releasing its due share for the long.
The State Government is also not reimbursing the concessions extended to various sections, which runs into crores of rupees, to the corporation.
Unable to cope up the losses and mounting dues, the APSRTC has mortgaged approximately Rs 800 crore worth bus stands to a meager Rs 170 crore.
The Pundit Nehru Bus Station was constructed during the ruling of former Chief Minister Nandamuri Taraka Rama Rao in the sprawling 35 acre campus in the prime locality.
The then State Government has constructed pucca houses to labourers staying at the site to relocate them. The Guntur Bus Stand was also in the 15 acre land.
Apart from the constructions, the land value itself runs into hundreds of crores of rupees. Several APSRTC unions are opposing the move tooth and nail.
Vijayawada: With State Government not releasing its share as part of the JNNURM scheme and not reimbursing concession amounts extended to various sections, the debt-ridden APSRTC has mortgaged Pundit Nehru Bus Station at Vijayawada and Guntur Bus Stand with a bank to secure a loan of Rs 170 crore.
While the APSRTC is reeling under severe financial crisis, the higher-ups are lavishly spending the corporation's funds.
The officials, without taking into consideration the fate of the corporation, are mortgaging the APSRTC prime properties upon the directions of the Transport Department.
As part of the JNNURM scheme, the Centre will bear the 50 percent of the cost, the State Government 20 percent and the rest 30 percent by the APSRTC in the procurement of new buses. However, the State Government is not releasing its due share for the long.
The State Government is also not reimbursing the concessions extended to various sections, which runs into crores of rupees, to the corporation.
Unable to cope up the losses and mounting dues, the APSRTC has mortgaged approximately Rs 800 crore worth bus stands to a meager Rs 170 crore.
The Pundit Nehru Bus Station was constructed during the ruling of former Chief Minister Nandamuri Taraka Rama Rao in the sprawling 35 acre campus in the prime locality.
The then State Government has constructed pucca houses to labourers staying at the site to relocate them. The Guntur Bus Stand was also in the 15 acre land.
Apart from the constructions, the land value itself runs into hundreds of crores of rupees. Several APSRTC unions are opposing the move tooth and nail.
News Posted: 12 March, 2012
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