BMTC’s Shantinagar bus station mortgaged for Rs 160 cr loan

Bengaluru: The Bangalore Metropolitan Transport Corporation (BMTC) has mortgaged its Shantinagar TTMC to Canara Bank for a Rs 160 crore loan.

This was revealed in an RTI enquiry.

All Road Transport Corporations in the State had sought loans to cover their salaries and pension fund expenditure after suffering huge loses due to the COVID-19 lockdowns.

BMTC is paying 1.4 crores as monthly instalments towards its mortgaged loan.

The Shantinagar bus station was constructed in 2010 at a cost of Rs 108 crore. Along with the bus terminal, it houses shops, offices, government departments and a commercial parking lot.