Cabinet approves revival plan for Scooters India

Last Updated: Thu, Jan 31, 2013 13:20 hrs

New Delhi, Jan 31 (IANS) The union cabinet Thursday approved a Rs.201.96 crore revival plan for sick public sector undertaking (PSU) Scooters India, based in Lucknow.

The government will revive the company by infusing Rs.90.38 crore as working capital and carry out financial restructuring of the Rs.111.58 crore debt of the company through waiver or debt conversion.

"The cabinet also approved the 2007 pay scales to the employees as per the department of public enterprises (DPE) guidelines and enhancement of superannuation age from 58 years to 60 years," an official statement said.

"The revival package will result in improvement in SIL's productivity through enhanced capacity utilisation and improvement in efficiency, thereby leading to improved sales and employment generation."

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