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Scooters India disinvestment on cards

 PTI |  2016-09-05 22:56:56.0  |  New Delhi

Heavy Industries Ministry will soon seek an in-principle approval for disinvesting government’s stake in loss making automaker Scooters India. Once the Ministry gets the nod, it will prepare a detailed Cabinet proposal for implementing the government’s decision. “We have sent a Cabinet note related to Scooters India disinvestment. NITI Aayog had proposed its disinvestment. It is likely to come up before the Cabinet soon. Once the Cabinet gives an in-principle approval to the proposal, the modalities will be chalked out,” Heavy Industries Minister Anant Geete said. There have been talks about disinvesting Centre’s stake in Scooters India Ltd. for a long time but successive governments could not implement the plan due to divergent views among various stakeholders including employees. Despite Government’s revival attempts including sanctioning a “financial package”, Scooters India continued incurring losses over a long period and eventually was declared “sick”.

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