Bengaluru: Beaten by Covid-19 and subsequent locking and restrictions, KSRTC who lacked money had issued public advertisements that were looking for Rs 220 Crore loans from the bank.
In advertisements (expressions of interest) published on January 25, the government-managed transportation utility said it received permission from the government to accept the best offer to take advantage of the term loan to pay off its contributions.
The utility says its properties will be a guarantee for loans.
KSRTC is under financial pressure after a pandemic because of soaking in revenue, especially on long distance routes.
“We issued a notification for loan requirements.
But we have not decided on the property for a mortgage.
The bank can submit their offer before February 8,” said an KSRTC official .
However, many employees suspected of planning utilities for the Majestic bus station mortgage.
KSRTC plans to raise loans from commercial or scheduled commercial banks.
Previously, BMTC had issued the same advertisement and raised a loan of Rs 160 Crore from Bank Canada after pawning Shantinagar TTMC.