|2011-12-28 - 10:30:00 - DJ India Ministry Shelves Scooters India Stake Sale Plan - Report|
DJ India Ministry Shelves Scooters India Stake Sale Plan - Report
NEW DELHI (Dow Jones)--India's ministry of heavy industries has shelved plans to sell the government's stake in state-run Scooters India Ltd. (505141.BY) and is now considering reviving the loss-making company, the Press Trust of India reported Wednesday, citing an unnamed official.
The decision to scrap the stake sale plan was made because there weren't many buyers for the company, the report cited the official as saying.
The government holds 95.38% of the company, which has been making an operational loss for the past nine years and a net loss since the financial year ended March 31, 2007.
The Ministry of Heavy Industries and Public Enterprises had in May received the federal cabinet's approval to sell the government's stake in Scooters India to a strategic partner.
Scooters India makes three-wheelers under the Vikram brand at its Lucknow factory in northern Uttar Pradesh state.
-By New Delhi Bureau, Dow Jones Newswires; 91 11 4356 3300; firstname.lastname@example.org
(END) Dow Jones Newswires
December 28, 2011 05:30 ET (10:30 GMT)
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