In this article, we examine in detail the reasons related to the declining operating and financial performance of Gujarat State Road Transport Corporation (GSRTC). The contribution of various environmental and governance issues related to the decline of GSRTC are identified. Based on the diagnosis, a detailed revival plan consisting of a set of actions to be undertaken by the management is proposed. The responsibilities of the government, the management, and the employees in implementing the revival plan are briefly discussed. This article concludes with set of strategic priorities that need to be examined by government in reviving GSTRC and other similar state-owned public utilities.