News Karnataka
Tuesday, October 04 2022
Bengaluru

‘Govt mortgaged transport utility assets to raise over Rs 500 Cr’

Minister Sriramulu
Photo Credit :

Bengaluru: Transport Minister B. Sriramulu on Friday February 18 told the Legislative Council that the government had mortgaged various properties belonging to three road transport corporations to collect approximately Rs. 500 crore in loans.

The government stated in a written response to a question posed in the Council by MLC U. B. Venkatesh that it has mortgaged properties worth Rs. 540 crore with Canara Bank and State Bank of India. “It’s no secret that the State’s transportation businesses have become White Elephants,” he said.

The mortgaged properties include Bengaluru Metropolitan Transport Corporation’s Shanthinagar Traffic and Transit Management Centre, which will raise Rs. 390 crore, North West Karnataka Road Transport Corporation’s two properties in Hubballi, which will raise Rs. 100 crore, and Kalyana Karnataka Road Transport Corporation’s 6.28-acre Kalaburagi Central Bus Stand site, which will raise Rs. 50 crore.

Share this:
MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Leave a Reply

Your email address will not be published.

Visit 7Jackpots and find the best online casinos in India! Play the most popular casino games for real money!

Find the best odds at 10Cric and ipl betting 2021! Signup today and get up to a 100% deposit bonus.

To get the latest news on WhatsApp