MAHARASHTRA SCOOTERS LTD

The makers of Priya scooters, Maharashtra Scooters Limited was incorporated at Pune on June 11, 1975 and came out with its first public issue in November, 1977. Presently, the Company sells products in India and is engaged in manufacturing dies, jigs, fixtures and die casting components primarily for automobiles industry etc. Presently, the Company is a subsidiary of Bajaj Holdings and Investment Ltd, holding 51% of the total equity. Previously, MSL was a joint-sector company promoted by Bajaj Auto Ltd and the Western Maharashtra Development Corporation (WMDC). The company, at the time of inception, entered into a technical know-how agreement with Bajaj Auto, the tenure of which was specified as 10 years from the date of commencement of commercial production or till the company achieved a total production of 3 lac scooters, whichever is later. Commercial production at its Satara Plant commenced in Aug.'76. Under the scheme of re-endorsement of industrial capacity with reference to minimum economic scales of operation announced by the government, the company expanded the installed capacity of motorized two-wheelers (350 cc engine capacity) during 1985-86. Further expansions have increased the installed capacity to 1.5 lac numbers in 1996-97. During 1998-99, the company installed a Pre-treatment-cum-Cathodic Electro Deposition Plant; the plant is eco-friendly plant is expected to give boost to the product quality. In 1999-2000, the company was awarded ISO 9002 and ISO 14001 from Bureau Veritas Quality International (BVQI). In the year 2004-05, the company was awarded re-certification of QMS as per ISO 9001/2000. With the cessation of production of geared scooters, the manufacturing activity of the Company, during the year 2006-07, was limited to the manufacture of pressure die casting dies primarily for two and three-wheeler industry. The Company sold 2,402 finished units of scooters which were in stock as on 1st April, 2006. During the year 2019-20, pursuant to the Order passed by Hon'ble Supreme Court of India on 9 January 2019, Western Maharashtra Development Corporation Ltd. (WMDC), one of the promoters of the Company transferred its entire 27% stake in the Company to Bajaj Holdings and Investment Ltd. (BHIL), the other promoter, on 17 June 2019. Consequent to this transaction, WMDC ceased to be the Promoter of the Company and the shareholding of BHIL increased to 51%. As a result, BHIL became the Holding Company and this Company became its subsidiary. The Company sees an opportunity in manufacturing of pressure die casting dies, castings, jigs, and fixtures, primarily meant for the two and three - wheeler industry amongst other industries, which is the current manufacturing activity of the Company. The customer profile has since expanded from auto component to include the Telecom segment, the Generator segment, the Electrical Vehicle segment, and LED Light parts. Considering, the Company was facing pricing pressure with respect to manufacture of pressure dies, fixtures and die casting components for the past many years and consequent losses being incurred each year, the Board at its meeting held on 22 July 2024 had decided not to continue the tool room operations of the Company at its factory. During FY2025, the Company implemented Voluntary Separation Schemes for all its factory workers and staff, which had been accepted by all factory workers and staff who have since been relieved from their duties. Considering, the continuing unviability of manufacturing operations, it was decided to permanently shut manufacturing operations keeping with the Company's main objective of being a Core Investment Company (CIC). Accordingly, after due process, the lease-hold rights in factory land at Satara together with Plant &Machinery were transferred with the approval of the Board on 21 February 2025 for a reasonable consideration.