Updated Mar 2, 2025 00:55 IST
Hero Electric Insolvency Resolution IBC: The Expressions of Interest (EOI) inviting prospective bidders for the company, floated on February 18 is open until March 14, 2025.
Article Highlights
- Sales of Hero Electric plummeted from 100,000 units in FY23 to a mere 11,500 units in the last fiscal year, impacted by regulatory challenges.
- Hero Electric, along with half a dozen other companies such as Okinawa Autotech, faced scrutiny for allegedly misusing government subsidies under the FAME II (Faster Adoption and Manufacturing of Electric Vehicle).
- The government demanded refunds of Rs 469 crore for non-compliance with localization norms and barred those who refused from future schemes.
At a time when the Indian…
