A joint venture (JV) company with some 155 buses is expected to be formed in March next for introducing the country's first company system bus route from Vatara to Kanchpur in the following month.

On getting report from the Bangladesh Road Transport Authority (BRTA), the special committee on the bus route rationalisation (BRR) confirmed the number of buses at its 16th meeting in the city on Tuesday.

Dhaka South City Corporation (DSCC) Mayor Sheikh Fazle Noor Taposh disclosed this after the meeting at the Nagar Bhaban in presence of the committee members, including Dhaka North City Corporation (DNCC) Mayor Atiqul Islam.

In its last meeting, the committee had requested the BRTA to confirm the number of buses operating between the Vatara and Narayanganj route.

The DSCC Mayor said the draft of the JV will be ready in next seven days before finalizing it through holding discussion with the bus operators and necessary reviews.

"DTCA (Dhaka Transport Coordination Authority) will place the final draft through coordination and integration of all issues to be raised in the next meeting," Taposh told the journalists. The entire process would be completed by March 31, he said.

A meeting source, however, said the pilot service is unlikely to start by then due to delay in completing the bus bays and loan arrangement for repairing and changing the colour of the buses.

He added that already a letter to get Tk 1.0 billion fund for the company has been sent to the Bangladesh Bank.

This fund is to provide loans to the company owners to prepare the buses, he said. "I don't know how long it would take to make buses ready."

Besides, the site selection for bus parking will be finalised in next meeting as two sites have been proposed in the Tuesday's meeting.

Tender for establishing the bus bays will be completed in next month by the DSCC, DNCC and the Roads and Highways Department.

The Mayor said the BRTC has already finalised the bus fares for the route which was sent to the Ministry of Road Transport and Bridges for approval.