Leasing out old APSRTC head office to private developers on BOT
Hyderabad, April 2, 2008After earning profits for the second successive year, the Andhra Pradesh Road Transport Corporation (APSRTC) has unveiled an action plan to wipe out the accumulated losses to the tune of Rs.1,398 crores. While the profits were around Rs.40.49 crore during 2006-07, it has increased to Rs.135 crore during the year 2007-08. The APSRTC has projected a profit of Rs.250 crore. With the cash registers ringing, the Corporation has dropped its proposals to hike the bus fare in near future.
The action plan include leasing out the old APSRTC head office to private developers on Build, Operate and Transfer (BOT) basis for 33 years by which the Corporation would be able to generate a revenue of Rs.1,600 crore. Tenders for developing the old office site spread over 10 acres at a cost of Rs.500 crore have been invited and the bids will be finalized within fifteen days. Multiplexes, reservation complexes, food courts and bus terminals will come up in the area. The experiment will be replicated in 41 places across the State.
Speaking to media today, the APSRTC Vice Chairman and Managing Director, V Dinesh Reddy said that the 'Palle Velugu' buses, which were introduced in rural areas last year has been received well and the occupancy ratio has gone up to 72 percent during the year. Of these, 20,000 odd buses in APSRTC, nearly 12,000 are Palle Velugu services. He said by introducing Air Conditioned buses in Hyderabad, the APSRTC was targeting the car owners. He said that the Corporation will introduce 'Anywhere to Anywhere' service by which a person can book a ticket between any two places without paying any extra charge.
Join Discussions on AndhraNews.com