Bids not yet invited for Scooters India: Patel

September 6th, 2011 - 1:44 pm ICT by IANS  

Manmohan Singh New Delhi, Sep 6 (IANS) The government Tuesday said it has not yet initiated any procedure for inviting bids for the sick public sector enterprise Scooters India and is working on it.

“I cannot comment on the response for Scooters India as the government has not yet called for any bids,” Heavy Industries and Public Enterprises Minister Praful Patel told reporters on the sidelines of an industry event here.

“I will only comment once all the procedures for inviting bids are completed and we receive the same,” he added.

According to Patel, his ministry was working on completing all the procedures for inviting bids for Scooters India.

“There are no issues as such, we at the ministry are working on it (inviting bids) and this would be done soon.”

When asked about the time frame in which the procedure for inviting bids would be completed, Patel said: “We expect it to be done in a few months.”

The government said May 19 it will sell its entire 95 percent stake in loss-making two- and three-wheeler manufacturer Scooters India Ltd, maker of the iconic Lambretta scooters.

The disinvestment proposal was approved at a cabinet meeting chaired by Prime Minister Manmohan Singh.

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

The company was facing financial difficulties and the disinvestment proposal was forwarded to the cabinet by Patel.

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