SIL to float subsidiary for electric car project

The electric car is expected to be a 48 volt product and run for 80 kms at a stretch, at a maximum speed of 70 kmph. The company intends to commence operations of the electric car by importing completely knocked down kits after an agreement is reached between the partners.

Officials said that SIL8217;s talks with Italian major Piaggio for manufacturing three-wheelers did not reach a fruitful conclusion. SIL8217;s three-wheeler Vikram, which was not complying with thepollution norms has been fitted with a catalytic converter, and the engine of this vehicle has also been tested successfully by the Automotive Reserve Association of India recently. In spite of the SIL being referred to the Bureau of Industrial and Financial Reconstruction two years back, the company has recorded Rs 126.5-crore sales for 1997-98, and Rs 5.6-crore profit. The divestment of the Scooters India is going ahead as scheduled. Cooper amp; Lybrand, the appointed consultant to the SIL has prepared an information memorandum which has been examined by the Ministry of Industry and is recently submitted to the BIFR for its reference and approval. The divestment of SIL cannot be carried out till the time BIFR gives a go-ahead to the information memorandum.