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Govt may sell entire stake in Scooters India

Govt may sell entire stake in Scooters India
PTI
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First Published: Fri, Feb 04 2011. 02 57 PM IST
Updated: Fri, Feb 04 2011. 02 57 PM IST
New Delhi: Favouring outright sale of closed PSUs, heavy industries minister Praful Patel on Friday said the ailing Scooters India could be considered for complete privatization.
“There are a lot of companies under the ministry of heavy industries, like Scooters India, which needs to be looked at differently... Some disinvestment, some outright sale,” Patel said on the sidelines of a AIMA event.
He said unless Scooters India Ltd (SIL) gets fresh capital infusion, it cannot survive for long as it is not in a good financial position.
Government was earlier considering a joint venture with private sector for revival of SIL, which has piled up a loss of Rs22.03 crore in the fiscal 2009-10.
Patel had earlier said that there was an “absolute” case for privatization of the PSUs which have remained closed.
Government holds 95.38% stake in Scooters India.
Its Shares hit the upper circuit on Friday and jumped 10% to Rs28.15 on the BSE.
Located near Lucknow, Scooters India is an integrated automobile plant, engaged in designing, developing, manufacturing and marketing a broad spectrum of conventional and non-conventional fuel driven 3-wheelers.
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First Published: Fri, Feb 04 2011. 02 57 PM IST