The government has approved the revival proposal for Scooters India (SIL) after the modalities of the revival programme have been finalized. The government has approved to infuse fund to the tune of Rs 70.38 crore as equity for capital expenditure and to provide Rs 20 crore as interest free plan loan for working capital.
The approval is also to convert plan loan and non-plan loan of Rs 1.93 crore and Rs 83.28 crore respectively which are outstanding as on March 31, 2012, into equity. It will also waive interest accrued and due and interest accrued and not due amounting to Rs 22.17 crore and Rs 4.20 crore respectively as on March 31, 2012.
Further, the government has also approved enhancement of superannuation age from 58 years to 60 years and implementation of 2007 pay revision as per DPE guidelines.
