Mahabharat Motors repays all dues to WBIDC

Mahabharat Motors has repaid the loan taken from West Bengal Industrial Development Corporation. For setting up the Mahabharat project, Prasoon had taken a loan amounting to Rs.17.45 cr from WBIDC and Mahabharat Motors had returned a small part of the loan earlier. He was quoted as saying, “We had returned a part of the loan earlier and now we have returned Rs.15.6cr. to WBIDC and cleared up all dues including accrued interest as per norms.”

As per the fresh agreement, TVS motorcycles would be produced at Ulberia through a JV between Mahabharat Motors & TVS Motors. During last Saturday’s meeting with the Industry Minister, one of the conditions laid down by the government was for Mr. Prasoon to return the loans he had taken for setting up Mahabharat Motors before requesting for any further clearances related to the JV with TVS Motors.