RAISING FUNDS TO SETTLE VRS DUES BY NTC

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RAJYA SABHA

An amount of Rs 1600 crores (apprx.) will be needed for giving VRS to surplus workers in NTC. As per draft Rehabilitation Scheme, this amount is to be raised from sale of surplus lands/assets. However, to start the process, Government permitted NTC to issue Bonds for Rs. 500 crores on Government Guarantee. NTC has been able to raise Rs. 333 crores (approx.) through NTC Bonds till date. Balance amount would be raised through loan/sale of assets for which process has already begun.

This was stated by the Minister of State for Textiles, Shri Basangouda R. Patil (Yatnal) in Rajya Sabha today.