MARGAO: Margao Municipal Council on Monday signed two lease agreements with Bharat Petroleum Corporation Ltd thus resolving an issue that has been hanging for the last 26 years and is expected to sign similar agreements with Hindustan Petroleum Corporation Limited shortly.
Both the lease agreements are executed for a period of three years with an annual increment of 10 per cent in the rent payable. While the pump managed by Kurade is situated near State Bank of India, the other run by Virginkar is behind Fatima Convent High School.
MMC will get annually Rs 10.43 lakh from the pump run by Kurade while from the pump managed by Virginkar it will get Rs 9.43 lakh every year. Besides, BPCL has to pay arrears amounting to Rs 45.91 lakh.
“Incidentally paying the arrears is also incorporated in the lease agreement and that will also be reduced proportionally,” disclosed Chief Officer Siddhivinayak Naik.
