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HUDCO loan for KSRTC staff

Our Bureau

THIRUVANANTHAPURAM, June 18

THE Housing and Urban Development Corporation (HUDCO) has signed a memorandum of understanding with the Kerala State Road Transport Corporation (KSRTC) for providing a housing loan of Rs. 100 crores to the employees of the latter.

The MoU was signed by Mr. V. Suresh, Chairman and Managing Director, HUDCO, and Mr. James K. Joseph, Managing Director, KSRTC, here. As per the MoU, HUDCO will provide loans to the employees of KSRTC for buying, building or renovating houses on reasonabl e terms.

Mr. V. Suresh said it would be possible to cover the entire workforce of KSRTC under the `HUDCO Niwas loan' in the next three years. Finances would not be a problem in this regard, he added.

Mr. Joseph said KSRTC had turned the corner from being in the red in 1998-99. The loss of Rs. 1.95 per km had been wiped off and till date in the current fiscal, a profit of 73 paise per km had been registered.

Also, going by the parameters of vehicle utilisation, vehicle and staff productivity and fuel efficiency, the corporation was doing well at the moment, Mr. James Joseph said.

HUDCO has already been providing financial assistance to KSRTC to modernise its fleet. Of the 1,200 buses to be bought with HUDCO assistance, 240 were already on the roads, Mr. Joseph said.