LAHORE: The Punjab University Syndicate on Saturday approved the lease of 50 kanals of its land situated in Faisal Town near Jinnah Hospital to a private bus company for Rs 78 million a year for 30 years, with a 10 per cent annual increase.
According to the deal, the bus company would establish a state-of-the-art multipurpose complex with modern amenities of public interest.
The syndicate also gave sanction to rent out four kanals of land near the Institute of Business and Information Technology, New Campus, to a private bank, from where it will get Rs 430,000 a month.
This amount will help meet the budget deficit of the varsity and promote academic and research activities.
The PU administration’s decision of reducing administrative posts and increasing teaching posts was specially appreciated by the representatives of the government, including the Higher Education Department additional secretary, Finance Department additional secretary and representatives of the chancellor/Punjab governor.
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