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.