Mumbai: Financially stressed BEST undertaking is set to receive a major relief ahead of Diwali, with BMC expected to release Rs 500 crore in financial assistance. The funds will primarily be used to clear pending gratuity payments to retired employees and strengthen the undertaking’s financial position.According to available information, gratuity payments have already been made to employees who retired up to Sept 2024. The announcement was made by Mumbai mayor Ritu Tawde during BEST’s Foundation Day celebrations on Aug 7.Tawde said that, as in the past, BEST will continue to provide quality services to Mumbai residents in the years ahead.BEST committee chairperson Trushna Vishwasrao said that the undertaking plans to procure 5,000 new buses on its own in the near future. This move is expected to reduce dependence on wet-lease arrangements and help lower the number of accidents.It may be noted that BEST requires approximately Rs 28,000 crore to revitalise and transform the undertaking, as per a fresh proposal from general manager Sonia Sethi. Last Tuesday, the BEST panel approved the first long-term plan under the ‘BEST Transformation Project’.