(a) whether the Government is planning to implement a revival scheme for Scooters India Limited; and
(b) if SO, the details thereof and the salient features of the scheme?
(a) whether the Government is planning to implement a revival scheme for Scooters India Limited; and
(b) if SO, the details thereof and the salient features of the scheme?
MINISTER OF STATE IN THE MINISTRY OF HEAVY INDUSTRIES AND PUBLIC ENTERPRISES (SHRI CM. SIDDESHWARA)
(a): Yes Madam. A plan inter alia involving fund/non-fund based support to Scooters India Limited was approved in 2013 by the Government for revival of the company.
(b): 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.
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.