Cabinet approves closure of loss-making Scooters India, says report

The company that manufactured famous scooters like Lambretta and Vijai Super will be shut down after the Cabinet gave its nod to a proposal to close the loss-making state-owned firm, sources said. The Cabinet Committee on Economic Affairs (CCEA) is believed to have given consent to shutting down of Lucknow-based Scooters India Ltd at its meeting on Wednesday, they said. The Scooters India brand name shall be sold separately as the company holds famous brands such as Lambretta, Vijai Super, Vikram and Lambro, shared an official. The company produces several types of three-wheelers under the Vikram brand. The government's go-ahead to the closure proposal paves the way for the Heavy Industry Ministry to begin the process of winding up of the firm. As per the proposed plan presented to the Cabinet, Rs 65.12 crore required for closure of Scooters India Limited is being sought as loan with interest from the Government of India, sources said. The proposal also entails offering voluntary

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Jan 21, 2021 - 23:30
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Cabinet approves closure of loss-making Scooters India, says report
The company that manufactured famous scooters like Lambretta and Vijai Super will be shut down after the Cabinet gave its nod to a proposal to close the loss-making state-owned firm, sources said. The Cabinet Committee on Economic Affairs (CCEA) is believed to have given consent to shutting down of Lucknow-based Scooters India Ltd at its meeting on Wednesday, they said. The Scooters India brand name shall be sold separately as the company holds famous brands such as Lambretta, Vijai Super, Vikram and Lambro, shared an official. The company produces several types of three-wheelers under the Vikram brand. The government's go-ahead to the closure proposal paves the way for the Heavy Industry Ministry to begin the process of winding up of the firm. As per the proposed plan presented to the Cabinet, Rs 65.12 crore required for closure of Scooters India Limited is being sought as loan with interest from the Government of India, sources said. The proposal also entails offering voluntary
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