Mahindra & Mahindra is planning to buy 74% stake in PSU-Scooters India Ltd (SIL).

74% stake includes around 150-acre near the Lucknow airport and equipment that the company possesses.

Meanwhile, government has plan to clear Rs.100 Cr debt of SIL.

In 1996, Government invited bids for SIL but companies were hesitant because of the labour unions. But now there is no such problem as around 800 workers who had joined company in 1972 are expected to retire in next 2-3 years.

Transaction Reference: HBL

Government is also looking for other options like Bajaj and Piaggio who were interested last time.

M&M recently bought Kinetic’s two wheeler business asset.

This year in May, M&M acquired 55.2% controlling stake in the REVA Electric Car Company and in June, bought 49% stake in its JV - Mahindra Renault Private Ltd.

Scooters India Ltd was started by the Government in 1972. It used to make scooters earlier under the Vijai Super and Lambretta brands, it currently makes only passenger and goods carriage three-wheelers under the brand Vikram.

In the auto and auto components space, Ruia group recently acquired German-based tyre and auto component maker Gumasol-Werke Dr. Mayer GmbH & Co. KG through its German SPV - Gumasol Rubber Tec and Ashok Leyland acquired 26% stake UK based bus manufacturer - Optare Plc. Mitsubishi Motors is planning to buy stake in Hindustan Motors.

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