Cattle market re-auction fetches Rs110m

Previous contract terminated over contractor's failure to deposit security

RAWALPINDI:

After a dramatic bidding process, the Rawalpindi Cantonment Board (RCB) has awarded the contract for the largest cattle market of the twin cities for Rs110 million.

The contract for the Bhatta ground cattle market was awarded to contractor Riaz Hussain through Moeen Khan & Co., who placed the highest bid among 28 participants in the re-auction.

The bidding process started from the reserved price of Rs89.5 million, which was the contract price for the cattle market last year. The highest bid of Rs150 million was initially made by Malik Ghulam Mustafa and Partners, but they failed to deposit the agreed-upon advance of Rs70.5 million within the specified time. As a result, their security deposit of Rs5 million was confiscated by the government.

In the re-auction, Riaz Hussain placed a bid of Rs110 million, while Raja Shahid placed a bid of Rs105.1 million. Upon acceptance of the bid, an advance payment of Rs55.25 million was received from the bidder, and the remaining Rs55.25 million will be received in installments before Eidul Azha.

The contractor who bid the highest and deposited 50 per cent advance will now be handed over the Bhatta ground for the cattle market from May 30. It is worth noting that the cantonment board had awarded the contract for the livestock market in 2021 for only Rs7 million, which was later subcontracted for Rs60.5 million, and the contractor recovered Rs230 million.

In 2022, the contract for the livestock market was awarded for Rs60.5 million, and in 2023, the contract was awarded for Rs89.5 million. The spokesperson of the cantonment board, Rasheed Saqib, stated that this time, due to the auction of the contract for Rs110 million and the security deposit of Rs5 million seized, the cantonment board earned an income of Rs110.5 million from the livestock market this year.

“The RCB has ensured a transparent bidding process, and the awarding of the contract is a significant achievement for the board. The cattle market on Bhatta ground is one of the largest in the region, and the board has taken measures to ensure a smooth and hassle-free experience for the citizens during Eidul Azha,” he said.

Published in The Express Tribune, May 31^st, 2024.