Two new ‘Rapid Transit Corporations’ for Srinagar, Jammu

Two new ‘Rapid Transit Corporations’ for Srinagar, Jammu
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JAMMU: The SAC approved the proposal for incorporation of two corporations by the names, Jammu Mass Rapid Transit Corporation Private Limited, and Srinagar Mass Rapid Transit Corporation Private Limited. These corporations will be headed by the Administrative Secretary Housing and Urban Development Department and will have on their Board the Administrative Secretaries of Finance and Transport; Transport Commissioner; CEOs of Economic Reconstruction Agencies and Metropolitan Authorities; and other experts besides nominee of Ministry of Housing and Urban Affairs.
The corporations will have Chief Executive Officers to provide requisite leadership and also Manager, Company Secretary and Chief Financial Officer.
These corporations will be extended arms of the Metropolitan Authorities (MRDAs), recently constituted by the Governor’s administration, and will supplement these authorities especially in areas related to Multi-Modal Transport System (MMTS) and Mass Rapid Transit System (MRTS).
The two corporations will be “Body Corporates” with distinct seals and private limited but fully owned by the Government of Jammu and Kashmir. The corporations will have initial authorised share capital of Rs 10 crore divided into 1 crore shares of Rs 10 each, which will be subscribed fully by the State Government.
The corporations will offer facilities in the form of running taxicabs, lorries, buses, cars, trucks, station wagons, motors, railways, rail motors as intercity or intra-city services or BRTS feeder bus services for passengers, goods and merchandise.
The corporations will undertake bus operations in Srinagar & Jammu to address the issues of congestion by inducting 300/400 buses each.