Aiming for a bigger market share, public sector auto maker Scooters India is exploring options to launch new products. It, however, did not share further details such as whether the products will be a three-wheeler or two-wheeler and when it is likely to be introduced in the market. The company is planning new launches even as it has incurred losses for over nine years. It is also scouting for a buyer. Due to continuing losses, the company has not repaid principal amount of Rs 787.20 lakh and interest of Rs 658.58 lakh as on March 31, 2011. It also defaulted in repaying the instalment of term loan of Rs 37.32 crore and interests of Rs 9.42 crore, payable to Government of India.
Earlier in May this year, the Cabinet had approved divestment of the government's entire 95.38 per cent stake in SIL, which has been suffering losses since 2002-03 and its entire networth completely eroded by 2008-09. In March 2009, the company was declared sick and went to the Board for Reconstruction of Public Sector Enterprises (BRPSE). As on 2010-11, it had a net loss of Rs 17.11 crore.
