Zee Business Exclusive! Union Cabinet likely to take a call on sale of Scooters India today - All details here

In a major development regarding Scooters India, the Union Cabinet can take a call on shutting down the company. State-run MSTC, which works under the aegis of Ministry of Steel can be given the responsibility to sell the assets of Scooters India. The logo and brand are likely to be sold separately. Here are all the details.

Zee Business Managing Editor Anil Singhvi during his show said that the government can take a decision regarding the shutdown and sale of the company. He said that the job for selling the assets will likely be given to MSTC.

See Zee Business Live TV Streaming Below:

Incorporated in 1972, Scooters India Limited is situated in Lucknow. The website claims the company to have a totally integrated automobile plant, which is engaged in designing, developing, manufacturing and marketing a broad spectrum of conventional and non-conventional fuel driven 3-wheelers.

It is likely that the logo of the company and the brand will be sold by the government. The Market Guru further said that the land possessed by the company could be given for industrial use.

Watch Zee Business Tweet Video Below:

#ZBizExclusive | कैबिनेट बैठक में स्कूटर्स इंडिया को बंद करने पर फैसला संभव- सूत्र

- MSTC को सौंपा जा सकता है स्कूटर्स इंडिया की संपत्ती बेचने का जिम्मा, अलग से की जाएगी 'लोगो' और ब्रांड की बिक्री #ScootersIndia @AnilSinghvi_ @BhutaniChetan pic.twitter.com/UfQuxMOiBH

— Zee Business (@ZeeBusiness) January 13, 2021

He said that it is to be understood that it is not MSTC that will be buying the assets of Scooters India. Its services will be employed to execute the sale of the company, Singhvi said.

MSTC is one of the leading PSU entity, engaged in providing e-commerce related services across diversified industry segment offering e-auction/e-sale, e-procurement services and development of customized software/solutions.

A Cabinet will be meeting today and it is quite likely that the decision on this will be taken by the cabinet.

Zee Business had earlier reported that MSTC will be given the responsibility to sell the assets of all the Government of India owned companies.

Today, at 11:44 am, the shares of Scooters India were trading at Rs 34.40 on BSE, up almost 5 per cent from the previous close.