The Kerala State Road Transport Corporation (KSRTC) will go ahead with forming KSRTC-SWIFT, a legally independent company, for operating long-distance buses despite opposition from trade unions and apprehensions raised by employees.
The stance of the KSRTC management assumes significance even as KSRTC Chairman and Managing Director (CMD) Biju Prabhakar is meeting employees of the State transport undertaking on Monday to take them along while taking forward the initiatives under Restructure 2.0.
“Formation of the KSRTC-SWIFT will only pave the way for solving the present financial crisis. Moreover, the Finance Department has made it clear that the funds promised, including assistance from the Kerala Infrastructure Investment Fund Board, will be provided to the KSRTC only if the new special purpose vehicle is floated,” the CMD said.
Independent unit
The KSRTC-SWIFT will function independently within the KSRTC. After 10 years, the company will be dissolved and the assets will be…