Scooters India’s gets government approval for disinvestment

Scooters India has received government’s approval at a cabinet meeting chaired by Prime Minister Manmohan Singh for disinvestment. The government will sell its entire 95 percent stake in the loss-making auto firm. The company was facing financial difficulties and the disinvestment proposal was forwarded to the cabinet by Heavy Industries and Public Enterprises Minister Praful Patel.

Recently, in February this year, The Ministry of Heavy Industries and Public Enterprises had cleared sale of government’s stake in sick public sector units of Scooters India and HMT Bearings.

Scooters India is a Lucknow-based automobile firm that designs, develops, produces and sells a range of three-wheelers. It is known for manufacturing the Lambretta scooters, popular in late 1970s and 1980s.