India, Aug. 5 -- The Brihanmumbai Electric Supply and Transport (BEST) Committee on Tuesday approved an ambitious plan to revive the cash-strapped undertaking by redeveloping 22 of its 27 bus depots into mixed-use urban hubs. The proposal will now be sent to the Brihanmumbai Municipal Corporation (BMC) and, subsequently, to the state cabinet for approval.

The plan, first presented to chief minister Devendra Fadnavis in June, seeks to transform ageing depots across the city into modern, integrated hubs with commercial, residential and social infrastructure, while generating revenue to fund BEST's revival.

BEST estimates it requires nearly Rs.28,000 crore to achieve financial stability. Of this, around Rs.14,323 crore is needed to clear e...