TVS Motor Company is looking to buy the assets of LML India, a leading scooter manufacturer, reports CNBC-TV18, quoting sources.

CNBC-TV18 learns that TVS is looking to increase its scooter portfolio aggressively. It is eyeing scooter sales of 4.8 lakh units in FY11. The two-wheeler major had sold 3 lakh units of scooters in FY10.

When contacted, the managements of TVS and LML refused to comment on this story.

On June 23, HS Goindi, President-Marketing, TVS Motor, said exports will contribute 25% of total sales over the next 4-5 years. Currently, exports contribute 14-15% of total sales for the two-wheeler major.

TVS, he said, will invest Rs 150-180 crore over the next one year towards capex. The company is also planning to enter Argentina and Mexico with its two-wheelers. It will push its flagship brands Star and Apache and expects to have 18-20% market share in all export markets from the current 10% share. TVS already exports to the SAARC region and Africa. It will set up assembly lines in Bangladesh and Columbia over the next two years. It is also looking at Asia, Africa for three-wheeler exports.

Source: TVS Motor looking to buy LML's assets: Sources - CNBC-TV18 -