Business Daily from THE HINDU group of publications
Thursday, Dec 28, 2006
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Business Daily from THE HINDU group of publications Thursday, Dec 28, 2006 ePaper |
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Corporate
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Sick Units LML to submit revamp plan to BIFR soon Neha Kaushik
New Delhi , Dec. 27 Beleaguered two-wheeler maker LML on Wednesday said that it was working on a restructuring package for the company which it would be submitting to the Board for Industrial and Financial Reconstruction for approval shortly. According to Mr R.K. Srivastava, Vice-President, LML, the company expects to restart production in 2-3 months after approval of the package. LML had declared a lockout at its facilities in March this year. As per its plan, LML will only be producing one scooter model and will also roll out a three-wheeler. "We have decided not to make motorcycles for the time being. We will only manufacture one scooter model, NV for the export market and that too without any collaboration. The technology to make three wheelers is already available with us," Mr Srivastava said. He, however, declined to comment on how the company plans to raise funds for its restructuring plan. The company had been negotiating for several months to rope in a strategic partner. However, nothing has materialised on that front.LML had announced reference to BIFR in September this year, after complete erosion of its net worth.
More Stories on : Sick Units | Restructuring | Two/Three Wheelers
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