Brihanmumbai Municipal Corporation has given BEST Rs 450 crore to repay the short-term loan taken by BEST to run its day-to-day operations.
The loss of the BEST venture has been steadily increasing for the past few years. A few years ago, the enterprise faced financial crisis and could not pay its employees on time. Also had to take loan to pay salary.
Last year, BEST had requested the Brihanmumbai Municipal Corporation to provide a total subsidy of Rs 2,224 crore, which is Rs 450 crore to repay the short-term loan and Rs 1,774 crore to pay the pending electricity debt of Tata Power Company.
BEST Enterprise has to take short term loan to meet daily expenses. The Brihanmumbai Municipal Corporation has provided Rs. 150 crore each to the BEST initiative for the three months of November, December 2022 and January 2023.
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