<p>"We are yet to proceed further. There are some issues which we need to resolve... I am sure in the coming months, there will be some positive movement," Minister for Heavy Industries and Public Enterprises Praful Patel said here.<br /><br />He was talking to reporters on the sidelines of the Automotive Component Manufacturers Association of India (ACMA) summit here.<br /><br />Patel further said his ministry is discussing the proposed sale of SIL with the Department of Disinvestment (DoD).<br /><br />"Basically, the government decision has been taken and now, the next decision is to see how to move forward," he said.<br /><br />In May, the Union Cabinet had decided to divest its entire 95.38 per cent stake in SIL to a private player through a strategic sale. But the government needs to get Parliament's nod for the same.<br /><br />SIL has about 1,200 regular employees and has been incurring losses since 2002-03. In March, 2009, the company was declared sick and referred to the Board for Reconstruction of Public Sector Enterprises (BRPSE).<br /><br />Incorporated in 1972, SIL was initially engaged in commercial production of scooters under the brand name 'Vijai Super' for the domestic market and 'Lambretta' for the overseas market.<br /><br />Later, it ventured into the three-wheeler space with the 'Vikram' brand. However, in 1997, it stopped two-wheeler production and has since been engaged in the manufacture and marketing of three-wheelers only.<br /><br />During the 2010-11 fiscal, SIL's net loss stood at Rs 18.4 crore.</p>
<p>"We are yet to proceed further. There are some issues which we need to resolve... I am sure in the coming months, there will be some positive movement," Minister for Heavy Industries and Public Enterprises Praful Patel said here.<br /><br />He was talking to reporters on the sidelines of the Automotive Component Manufacturers Association of India (ACMA) summit here.<br /><br />Patel further said his ministry is discussing the proposed sale of SIL with the Department of Disinvestment (DoD).<br /><br />"Basically, the government decision has been taken and now, the next decision is to see how to move forward," he said.<br /><br />In May, the Union Cabinet had decided to divest its entire 95.38 per cent stake in SIL to a private player through a strategic sale. But the government needs to get Parliament's nod for the same.<br /><br />SIL has about 1,200 regular employees and has been incurring losses since 2002-03. In March, 2009, the company was declared sick and referred to the Board for Reconstruction of Public Sector Enterprises (BRPSE).<br /><br />Incorporated in 1972, SIL was initially engaged in commercial production of scooters under the brand name 'Vijai Super' for the domestic market and 'Lambretta' for the overseas market.<br /><br />Later, it ventured into the three-wheeler space with the 'Vikram' brand. However, in 1997, it stopped two-wheeler production and has since been engaged in the manufacture and marketing of three-wheelers only.<br /><br />During the 2010-11 fiscal, SIL's net loss stood at Rs 18.4 crore.</p>