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Electric scooter maker LML to raise up to Rs.500-Cr

Business Standard  

LML Electric plans to raise INR 500 crore to fund the setting up of its own manufacturing plant and to scale up the business. The company is gearing up to launch its first product in the Indian market in the second half of 2023 to mark the return of one of the popular two-wheeler brands of yesteryears, LML in an electric reincarnation. One of the popular two-wheeler brands in the 1990s, Kanpur-based LML went into insolvency. It was ordered for liquidation by National Company Law Tribunal (NCLT), Allahabad Bench in March 2018. SG Corporate Mobility, which is into electronic consumer products and electric two-wheeler under its flagship Detel brand, had acquired the LML brand and intellectual property from the erstwhile promoters Singhania family last year.