LML Auctioned to Rimjhim Steel

The original 2-stroke Genuine scooter and its 4-stroke manual and automatic offspring

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eatingsnacks
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LML Auctioned to Rimjhim Steel

Post by eatingsnacks »

Just came across this article while trying to figure out the fate of the Stella 4t.

https://www.pressreader.com/india/hindu ... 6521507581

Here’s the article text:

KANPUR: Once a leading manufacturer of two-wheelers in India, the Lohia Machines Limited or LML, was auctioned for Rs 243 crore. Managing director of Rimjhim Steels Pvt Ltd Yogesh Agarwal, who offered the highest bid of Rs 243 crore in the February 2 auction, said the company would soon be reorganised.
LML began production of scooters in 1972 and became one of the top 10 companies by 1983. Its scooter Vespa reduced the market autonomy of Bajaj scooters.

Other bidders who participated in the auction included MD, Neel Industries, Subodh Agarwal (Rs 241 crore), MD, Panem Steels, Praveen Nemani (Rs 180 crore), MD, Lohia Starlinger, Rajiv Lohia (Rs 151 crore) and MD, Dolphin Developers, Vishwanath Gupta (Rs 142 crore).
The company has 70 acres of land worth Rs 400 crore in Dadanagar industrial area in Kanpur, a 2,500 square feet office at Nariman Point, Mumbai. It is also equipped with infrastructure and machinery and has about a hundred employees.
The auction was carried out on the completion of bankruptcy and insolvency proceedings at the National Company Law Tribunal (NCLT), Allahabad.
The issue of LML’s bankruptcy and insolvency was brought before the NCLT in May 2017. The tribunal directed the
company to settle the issue by January 24, 2018. The company owed Rs 350 crore to government financial institutions and employees.
Since the company failed to give a plan for recovering from bankruptcy and insolvency, the NCLT started the procedure for auction last month.
After the second and final phase of auction proceedings on February 2, the company was surrendered to highest bidder Yogesh Agarwa
Last edited by eatingsnacks on Fri Feb 23, 2018 1:40 am, edited 2 times in total.
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Dooglas
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Post by Dooglas »

For anyone who is interested, 2,430,000,000 rupees equals about $37,400,000.
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Post by BigDaddy SnakeOiler »

Dooglas wrote:...about $37,400,000.
That's about how much I've got into the Stella.
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Post by Christophers »

BigDaddy SnakeOiler wrote:
Dooglas wrote:...about $37,400,000.
That's about how much I've got into the Stella.
:D
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Post by BigDaddy SnakeOiler »

Official announcement
LML's scooter and bike will once again be seen running on the streets of the country. Rimzim Steel, the renowned company of Kanpur, which took the takeover of this company, announced it on Wednesday. Director of Remaze at the Kanpur road show held for the Global Investor Summit said that very soon the production of scooters and bikes will start. There has been a drill to make the design.
Kanpur will invest more than 2000 crores: Satish Mahana
Rohit Agrawal, director of Remzim Steel, said at the road show organized at Hotel Landmark, that the shame of Kanpur will remain intact. The LML scooter installed in Kanpur had ever hit the country. People used to feel tired to walk on this scooter. Even today those who have this scooter understand this as a master in case of balance. By refreshing the image of this car in the mind of the people, it will try to make every heart of the people happy with the help of latest technology. It will be cared for in the design that people get old chants in it. Likewise, the way the LMS was fired by Freedom, the bike will be removed while covering the environment which will be especially liked by the youth. Research has been started on many types of models. Foreign companies can also be negotiated.
Number two manufacturers in the country will make rolling mill in Unnao
Director of Rimzim said that in Uttar Pradesh, Bundelkhand is also ranked third in the country in production of stainless steel by putting a factory in backward areas. Now our goal is to come second in the country and keep doing it. Rohit said that to set up rolling mill in Unnao at a cost of 250 crores The MoU has signed for this in the summit.
Kanpur will strengthen military power
Kanpur will now have a more important role in enhancing the country's military power. For this, Defense Park will be built in Bhaupur. By next Tuesday, this plan will be finalized. It has also agreed to invest in the first. MKU Group of Kanpur has proposed an investment of 1000 crores. The Minister of Industrial Development has also announced that detailed discussions will be held within two days.
Manoj Kumar Gupta, MD of MKU Group and CII, said at Kanpur road show that it is a matter of great happiness that the government has given priority to the defense sector. The doors are opened for investment in this sector, which can also be called Make in India. For the products of Defense in Kanpur, there are already Ordnance Factory Units. Apart from this, some other investors are working in this direction. In his interaction with Hindustan, he said that there are also five factories of MKU Group itself, in which two factories have bullet proof jackets ready. Apart from this, his company is building wire used in aircraft. He told that his company has set up such plants, including bullet proof jackets, which can work as a wearable soldier One Man Army. She is exporting many products. He wants to develop the technical defense products of the country. He said that even if the government will give land to any other district, there is no problem even then.
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Post by Dooglas »

Well, I guess it is good news "that the shame of Kanpur will remain intact". Certainly a catchy name for a scooter company, or perhaps this is not a very good translation.
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Post by BigDaddy SnakeOiler »

I was looking at an article from the Hindustan Times that was saying how happy the locals were that LML was being rejuvenated. Apparently, Indians love LML scooters.
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Post by NCJ8 »

[quote="BigDaddy SnakeOiler"]I was looking at an article from the Hindustan Times that was saying how happy the locals were that LML was being rejuvenated. Apparently, Indians love LML scooters.[/quote]

I'm on the east coast and have had so many people from/with ties to India comment appreciatively (and at times wistfully) on my Stella. Glad to hear that the Stella 4t may yet live on!
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