BEST submits plan to cut losses, retrench staff

The management of Brihanmumbai Electric Supply and Transport (BEST) has submitted an action plan to the civic body for its financial revival. The undertaking submitted a detailed plan a week ago after listing the measures and suggestions to cut down its losses.

The BEST officials said that they listed several measures which included abolishing the subsidies, changing the agreements based on current financial crisis in the plan.

The civic body had asked the undertaking to submit a detailed report after which they will provide them with Rs1000 crores of funds for its revival.

"We have listed several suggestions of reorganising

the bus routes and making efficient use in the fleet of buses. The civic body has assured that they will provide us with the required funds once the plan is up to the mark," said Jagdish Patil, General Manager of BEST.

The transport division of the undertaking has been making a yearly loss of about Rs 1000 crore. The accumulated losses of the undertaking are over Rs 2000 crore according to their balance sheet of 2015-2016.

"It is important that the civic body provides with the required funds in order to provide financial assistance to the undertaking. The condition of the undertaking will worsen if the funds are not received on time," said Ravi Raja, a BEST committee member.

The management of the undertaking had deferred paying its bill of Rs 125 crore to Tata Power Company this month. Due to which, the company is liable to charge 15 percent as penalty charges for a month delay in paying the bill.