LAHORE, Nov 17: The city district government plan to convert the Multan Road depot of the defunct Punjab Road Transport Corporation into a modern general bus stand for southern Punjab-bound buses is in doldrums following the transfer of the site to the Punjab Privatization Board for liquidation.

The CDG has decided to shelve the plan temporarily and approach the chief minister for the transfer of the PRTC depot to it for the development of the proposed bus stand.

The city government had learnt about the transfer of the site to the Punjab Privatization Board after it had short-listed seven private sector investors for the development of the proposed stand for 4,000 buses and flying coaches at an estimated cost of Rs400 million on a build-operate transfer basis after finalizing the site plan and inviting the bids.

It had also decided to acquire 160 kanals adjacent to the 240-kanal PRTC depot to make 400-kanal area available to the prospective developer.

The intending investors asked the CDG whether it would make the title of the land available to them for surety against the bank loans to be procured by them for the development of the bus stand. The investors had also asked the CDG whether it would allow the operation of private bus stands and develop its own bus stand on Bund Road after the completion of the Multan Road General Bus Stand.

The CDG had decided to assure the private investor to guarantee the bank loan procured for the development of the proposed bus stand and wind up private stands on Bund Road besides scrapping the plan to develop its stand there in the event of the development of the Multan Road stand.