Scooters Andhra Pradesh Scooters Limited (APSL) had manufactured scooters under the brand name Allwyn Pushpak and Piaggio scooters under the name Vespa PL170. Closure and aftermath However, by the mid-1990s the performance of the company was very weak and by 1993 all its reserves were washed off. Hyderabad Allwyn Limited had become sick company when its accumulated losses had exceeded Rs.180 crores (INR 1.8 Bn) as on 31 March 1993 and was referred to the Board for Industrial and Financial Reconstruction (BIFR) under the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985. Hyderabad Allwyn become a company with negative net worth. The BIFR in January 1993 declared Hyderabad Allwyn Ltd., as a sick industry and appointed IDBI as an operating agency to prepare a rehabilitation scheme. The Government of Andhra Pradesh agreed to amalgamate Hyderabad Allwyn Limited's Refrigeration and Appliances division with Voltas Limited, a Tata group company which retained only 5000 Allwyn employees. The company had three divisions: bus body building, watches, and refrigerators. The Watch Division of erstwhile Hyderabad Allwyn Limited was formed into a new company as Allwyn Watches Limited and the Auto and Bus Body division was formed into a new company called Allwyn Auto Ltd. Consequent to the scheme of Amalgamation as approved by the BIFR, M/s.Hyderabad Allwyn Limited ceased to be in existence. The refrigerators division which was privatised in 1994 and handed over to Voltas continued with the Allwyn range of models. In 2002, Voltas themselves sold their refrigerator division to the Sweden based Electrolux, which phased out the Allwyn models. APSL, the scooter division is also presently liquidated. The watch division is now closed and is pending before BIFR. Sale of Allwyn Nissan In 1989 Allwyn Nissan was privatised and sold to Mahindra, renaming the company as Mahindra Nissan Allwyn Ltd. In 1994 MNAL was merged with Mahindra & Mahindra, and the Zahirabad unit is Mahindra & Mahindra's light commercial vehicles unit. The old Allwyn Nissan LCV is still sold by Mahindra as the Mahindra Loadking in various configurations like light tipper and Kerala remains one of its largest markets. See also Allwyn Colony References Defunct manufacturing companies of India Defunct motor vehicle manufacturers of India Watch manufacturing companies of India Manufacturing companies established in 1942 Defunct watchmaking companies Formerly government-owned companies of India Manufacturing companies based in Hyderabad, India Hyderabad State Motor scooters Scooter manufacturers Manufacturing companies disestablished in