Pune: PMC To Pay Rs 200 Crore To PMPML As Standing Committee Approves Proposal
Pune, 23rd June 2023: Pune Municipal Corporation (PMC) has received approval from the Standing Committee to make a payment of Rs 200 crore to Pune Mahanagar Parivahan Mahamandal Limited (PMPML). The payment is part of the outstanding amount that PMC owes to PMPML, which still amounts to Rs 217 crore to be paid by the end of the financial year 2023-24.
An agreement has been reached between PMC and Pimpri Chinchwad Municipal Corporation (PCMC) that PMC will bear 60 percent of the total amount owed, while PCMC will bear 40 percent. This agreement aims to cover the losses incurred by PMP during the establishment of the PMPML Company. As of the financial year 2022-23, PMPML has a current account deficit of Rs. 696 crore 50 lakh.
The proposal for the first withdrawal of Rs. 200 crore was presented to the Standing Committee, and it has now been approved. This payment will help reduce PMC’s outstanding debt to PMPML.
The remaining amount of Rs. 217 crore will need to be paid by PMC before the end of the financial year 2023-24. It is crucial for PMC to fulfill its financial obligations to ensure the smooth functioning and sustainability of PMP.
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