News Karnataka
Friday, February 23 2024
Bengaluru

Hit by pandemic, KSRTC seeks loan of Rs. 220 Cr from banks

KSRTC to resume bus operations to TN from Aug 23
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Bengaluru: Karnataka State Road Transport Corporation (KSRTC) has issued a public advertisement seeking a loan of Rs. 220 crore from banks after being hit by Covid – 19 and subsequent lockdowns and restrictions.

The State-run transport company claimed in an advertisement (expression of interest) published on January 25 that it had got approval from the government to accept the best offer for obtaining a term loan to pay off its debts. The loan will be covered by the utility’s property. The loan will be obtained through nationalised or scheduled commercial banks, informed KSRTC.

KSRTC is in financial trouble following the pandemic due to a dip in revenues, especially on long-distance routes.

Bangalore Metropolitan Transport Corporation (BMTC) had previously issued a similar advertisement and received a Rs. 160 crore loan from Canada Bank by mortgaging Shantinagar TTMC.

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