Cattle market auction fetches Rs305m

RAWALPINDI:

The Rawalpindi Cantonment Board has auctioned the contract of the Bhatta Ground cattle market for one year at Rs305 million, with a provision for a two-year extension subject to a 10 percent annual increase.

Over three years, the cantonment board is expected to generate more than Rs1 billion in revenue. In addition to Eidul Azha, the cattle market will now also operate every Tuesday and Wednesday, strengthening the livestock business in the Rawalpindi region and boosting meat and dairy markets.

Previously, the contract for the market - the largest in the twin cities during Eidul Azha - was awarded for only 15 days. Last year, it was awarded at Rs165.7 million. This year, a new policy was adopted to award the contract for one year with annual increments.

Following competitive open bidding, M/s Muhammad Ismail secured the contract with the highest bid of Rs305 million.

The contractor will also pay income tax to the federal government and deposit one-fourth of the contract amount in advance, with the remaining to be paid in installments throughout the year.