Transport utilities mortgaged assets to raise Rs 540 cr

The government has mortgaged various properties belonging to three road transport corporations to raise over Rs 500 crore in loans, Transport Minister B Sriramulu told the Legislative Council on Friday.

In a written reply to a question raised by MLC U B Venkatesh in the Council, the government stated that it has mortgaged properties worth Rs 540 crore with Canara Bank and State Bank of India. It’s not unknown that the transport corporations in the state have turned White Elephants.

The mortgaged properties include Shanthinagar Traffic and Transit Management Centre belonging to Bengaluru Metropolitan Transport Corporation to raise Rs 390 crore, two properties belonging to North West Karnataka Road Transport Corporation in Hubballi to raise Rs 100 crore loan, and the Kalaburagi Central Bus Stand site measuring 6.28 acres belonging to Kalyana Karnataka Road Transport Corporation to raise Rs 50 crore.

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