Scooters India’s disinvestment approved

May 19th, 2011 - 3:36 pm ICT by IANS  

Manmohan Singh New Delhi, May 19 (IANS) The government Thursday said it will sell its entire 95 percent stake in the loss-making auto firm 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.

The company was facing financial difficulties and the disinvestment proposal was forwared to the cabinet by Heavy Industries and Public Enterprises Minister Praful Patel.

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