LML Ltd is an India-based Company that manufactures, sells and exports motorized two wheelers. The company operates in one segment, namely motorized two wheelers. They offer scooters, motorcycles, and mopeds, as well as spares and accessories. They are having their manufacturing facilities located at Kanpur in Uttar Pradesh. LML Ltd was incorporated in the year 1972 as Lohia Machineries Ltd to manufacture machinery for the synthetic fibres industry. In the year 1983, the company commenced production of 100 cc scooters in technical collaboration with Piaggio VE, SpA, Italy. In the year 1984, the company incorporated a new company under the name and style of Vespa Car Company Ltd to manufacture 200,000 scooters and 50,000 three-wheelers annually. In the year 1986, the company introduced LML models namely LML Vespa NV3 Alfa T5 & 4W. In the year 1986, as a part of restructuring, the company transferred the undertakings of the fibre division to a wholly owned company, namely LML Fibres Ltd with effect from July 31, 1987. Also, they changed their name from Lohia Machines Ltd to LML Ltd with effect from May 6, 1987. In the year 1990, Piaggio took up 25.50% stake in the company. LML Fibres Ltd and Prakti Synthetics Ltd ceased to be subsidiaries of the Company during the year. In September 1992, the company introduced a new range of highly fuel efficient scooters. In the year 1994, they undertook an expansion project to increase the capacity to 600,000 vehicles per annum as well as diversification of the product range. In the year 1995, the company introduced two new models of scooters, namely Supremo and Star in the upper and middle price segments. In the year 1996, they launched 125 cc scooter, namely 'Sensation'. They entered into several license agreements with Piaggio of Italy for import of technology and know-how to manufacture new models of Scooters and other two wheelers in different segments. In the year 1998, the company set up the first of their six planned service training centres outside Kanpur at Noida near Delhi. They set up additional lines for enhancing capacity and introducing new models. In November 1999, the joint venture with Piaggio came to an end with the signing of the Settlement & Clean Break agreement. In the year 2000, Castrol India entered into strategic alliances with the company to introduce their customized products. In January 2001, the company launched 4-stroke motorbikes, namely 'Adreno' and 'Energy' all over India. During the year 2002-03, Perfect Polycons Ltd, erstwhile subsidiary of the company ceased to be a subsidiary with effect from December 31, 2002. They also introduced variants of Freedom during the year. In December 2003, the company's brand 'Freedom' was adjudged as the best motorcycle in the price band of Rs 40,000 to Rs 45,000 by BBC World Wheels programme. In May 2004, the company launched two upgraded Freedom models, namely Freedom Prima 110 and Freedom Prima 125. Also, they launched new 150cc Graptor during the year. In August 2004, they introduced remodeled Freedom Topper and in October 2004, they launched lifestyle model, namely Beamer. During the year 2004-05, the company increased their coverage in the export market by adding a host of new countries which include Philippines, Japan, Congo, Rwanda, and Wallis Island. In addition, they added a new distributor in Uganda. During the year 2005-06, the company launched their entry level motorcycle CRD 100. During the year 2007-08, the company developed a 4-stroke scooter for the export market and production started from around December 2008. Prototype work in respect of new vehicles like the light 3-wheeler for cargo application is moving as per plan as also vehicles powered by alternate fuels like LPG/ CNG and or technologies like fuel injection. The company has also started preliminary work on a 4-stroke gearless scooter for domestic and export markets and is also carrying out assessment for motorcycles for the export market. In May 2009, the company introduced a four stroke version of their NV brand of scooters in India.