The Delhi Cabinet on Monday approved a proposal to form a new company to redevelop and manage the ISBTs at Kashmere Gate, Anand Vihar and Sarai Kale Khan.
The two upcoming ISBTs – one at Narela and the other at Dwarka – will be managed by the same company.
“Keeping in view the huge increase in number of passengers, number of routes and modern amenities for the passengers it has been felt appropriate to have a company to run the affairs with an initial capital of Rs 10 crore each,” officials said.
Till now, the ISBTs at Kashmere Gate, Anand Vihar and Sarai Kale Khan are being looked after by the transport department.
According to officials, the redevelopment of the ISBTS requires huge investment and the government is trying to raise loans from various agencies to carry out the renovation.
According to officials, the secretary–cum-commissioner of the transport department will be the chairman of the company while the special commissioner will be its managing director.
The company will also have five directors and the general manager of the ISBT will be the executive director.