THIRUVANANTHAPURAM: 'Swift' will be formed as a transport company without giving in to the stubborn opposition or compromise of the trade unions. This is after the cabinet meeting held yesterday approved the formation of the Swift company.

In the cabinet meeting yesterday, Minister AK Saseendran introduced the topic of formation of Swift Company. Tomorrow's meeting, chaired by Finance Minister Dr Thomas Isaac, will approve the company laws. The company will be registered soon. The plan is to start operations this month.

The first service will be with 236 Scania, Volvo Super Deluxe and Super Fast buses currently operating for KSRTC. Later, 2,000 buses, including the newly purchased CNG, LNG and electric, will become part of the company.

A tender has been called for the purchase of new buses. March 3 is the last day to submit tenders. While the opposition trade unions strongly opposed the formation of Swift as a company, the ruling unions put forward a compromise formula of a society instead of a company.

The new buses will be launched through KIIFB loan. Although Swift is a legally independent company, it can operate using KSRTC facilities. The MD of the new company will be the Chairman and Managing Director of KSRTC. Kerala Kaumudi was the first to report on the formation of Swift.

Opportunity for those who lost their jobs
The company is also being set up to rehabilitate empanelled employees who were relieved as per the High Court order. The appointment will be on a contract basis. The seniority list has been prepared by KSRTC for this.

Investment of Rs 510 crore

The company will start with a loan of Rs 280 crore from KIIFB, Rs 180 crore from the central government for the purchase of electric buses and Rs 50 crore from the state government for the purchase of new buses. KIIFB loans will be repaid from the profits.

Buses to be purchased

CNG: 310,

Electric: 50

Sleeper AC-8,

Premium AC Seater-20,

Conventional Air Suspension -72