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Financial aid for Scooters India to revive operations

Posted on Aug 14 2014 | IANS

New Delhi, Aug 14 : The government said Thursday it has made progress in providing financial aid to public sector undertaking (PSU) Scooters India to revive its operations.

According to the Ministry of Heavy Industries and Public Enterprises, financial infusion of Rs.31.90 crore out of 70.38 crore as equity and provision of Rs.20 crore as interest free plan loan for working capitalhave already been approved.

The government has also waived interest of Rs.26.37 crore, conversion of plan loan of Rs.85.21 crore into equity.

The Minister of State Pon. Radhakrishnan in the Heavy Industries and Public Enterprises ministry also informed the parliament that superannuation has been increased from 58 years to 60 years and 2007 pay revision has also been implemented.

The financial assistance is a part of a revival scheme for the company which was approved by the union cabinet on Jan 31 2013.

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