The Cabinet has approved complete exit by government from Lucknow-based, loss making PSU Scooters India, which has been incurring operating losses since 2002. Several attempts were made to revive the company; however, its revival became difficult due its adverse product mix. According to the latest updates, government is likely to call for global bids for Scooters India, reports CNBC-TV18 quoting sources.
Read more:Cabinet approves complete exit by govt from Scooters India
CNBC-TV18 learns that industry rivals like Atul Auto, Mahindra and Mahindra and global automakers like Malaysia's Tuk Tuk and Italy's Piaggio could be interested in bidding for Scooters India. Three-wheelers manufactured by Scooters India compete with those made by Bajaj Auto, Piaggio and Mahindra and Mahindra.
Sources say that the company
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