THE February salary of 42,000 Brihanmumbai Electric Supply and Trust (BEST) employees will be disbursed by March 24 as the undertaking has managed to secure a loan, Jagdish Patil, BEST General Manager, said.
The BEST has taken a loan of Rs 60 crore from Dena Bank and Rs 100 crore from United Bank of India to be able to pay its employees. A delay in procuring the loans had held up the payments, he said.
“We will be able to receive at least Rs 60 crore by March 23 and another Rs100 crore soon after. While an arrangement of Rs 180 crore is required for loan repayments, we will make efforts to balance the remaining amount. Apart from that, an effort is being made to ensure speedy transfer of funds from BMC,” Patil said.
In all, the BEST needs to repay loans of Rs 975.50 crore to various agencies. Officials say financial help from either the BMC or the state would be required to prevent the BEST from borrowing more to pay debts.
Meanwhile, former BEST employee Anil Kokil from the Shiv Sena was elected the chairman of BEST Thursday. Kokil said he would refrain from enjoying certain privileges of the BEST chairman till the salaries are credited. He said the undertaking would induct 100 buses procured from Tata by March 31.