Atul Auto

M&M, Atul Auto eye max stake in Scooters India

M&M, Atul Auto eye max stake in Scooters IndiaAtul Auto, Rajkot based company announced today to acquire 95% stake in Scooters India, while Mahindra & Mahindra said that they will explore the possibility and give the final decision in next 45 days.

Both the companies have taken the decision after the announcement of government to divest its entire stake in the sick firm.

Atul Auto eying majority stake in Scooters India

Atul Auto eying majority stake in Scooters India

While the ailing PSU Scooters India has failed for the past many years to make a mark in the Indian market, but as the government has now decided to shed a majority stake out of its pocket, three-wheeler maker, Atul Auto, is very much interested in buying a not less than 51% stake the state owned company.

Atul Auto's Director, Vijay Kedia said that the company is very much interested in the deal only if the government plans to sell over 51% stake in Scooters India.

Atul Auto to set up a new plant

Atul Auto to set up a new plant

According to a top official familiar with the matter, Rajkot-based Atul Auto (AAL) is looking at setting up a new plant in the southern region of the country. While the investments are expected to be over Rs. 60 crore, it is expected that the demand for three-wheelers is increasing in the country and the scenario will be the same even for the coming months.

Atul Auto's Director, Vijay Kedia said that the company currently has close to 16 models in the offering and it will be investing Rs. 60 crore for setting up a new plant.