By Newsgram Staff Writer
The government of India is planning to revive Scooters India Limited which manufactures country’s famous three-wheeler auto rickshaw which in many parts of the country is also known as Vikram.
Minister of State, Heavy Industries and Public Enterprises, Shri G.M. Siddeshwara in a written reply to Lok Sabha announced about the revival of Scooters India Limited. Following the order of BIFR in Miscellaneous Petition filed by the Company, sanctions have been issued for release of Rs. 20 crores as interest-free plan loan for working capital and for Rs. 31.90 crores (out of Rs. 70.38 crores as approved by Government for infusion as equity for capital expenditure). Sanctions have also been issued for conversion of plan/non plan loan in to equity and waiver of interest.
A plan involving fund/non-fund based support to Scooters India Limited was approved in 2013 by the Government for revival of the company.
Fund/non-fund based support includes provision of Rs. 20 crores as interest free plan loan for working capital, infusion of Rs. 70.38 crores as equity for capital expenditure, conversion of plan/non plan loan of Rs. 85.21 crores into equity and waiver of interest of Rs. 26.37 crores.
History of Scooters India
In 1975, company started its commercial production of Scooters under the brand name of Vijai Super for domestic market and Lambretta for overseas market. It added one more wheel to its product range and introduced three wheelers under the brand name of VIKRAM/LAMBRO. However, in 1997, strategically, the company discontinued its two-wheeler production and concentrated only on manufacturing and marketing of 3 wheelers. These three wheelers have become more relevant in the present socio-economic environment as it transports goods and passengers at least cost.Click here for reuse options!
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