New Delhi: The Central government has expressed its hope that venturing with a strategic partner will help public sector enterprise Scooters India recover from the financial deficits.

Union Finance Minister Pranab Mukherjee said the government has finalised a joint venture solution for the company. However, the government has already decided to sell its 95.38 percent shares and 4.62 percent shares will remain with banks and financial institutions.

Replying to a question in the Parliament, Mukherjee informed that the Board for Reconstruction of Public Sector Enterprises (BRPSE) had suggested revival of the Lucknow-based Scooters India in July 2010.

The government is now hopeful of revival of Scooters India and is looking for partners who can alliance with the company.

Answering questions on disinvestment, Mukherjee said the government was not interested in reducing its shares in public enterprises working in defence area. “Nuclear power companies will also remain in government sector,” he added.