The famous Ambassador brand has got a new owner in the form of Peugeot. This brand keeps its identity in the corridor of power. Hindustan Motors has sold this brand to the European vehicle company, Peugeot for 80 million rupees.
The company of CK Birla Group has tied up with Peugeot SA in this regard. Currently, the manufacturing of Ambassador cars has been stopped.
Hindustan Motors said in the information sent to the stock exchanges on Saturday, "Hindustan Motors has tied up with Peugeot SA for the sale of Ambassador brands. It also includes a trademark. This deal has happened in 80 crore rupees. "
The famous Ambassador brand has got a new owner in the form of Peugeot. This brand keeps its identity in the corridor of power. Hindustan Motors has sold this brand to the European vehicle company, Poisot for 80 million rupees.
It may be recalled that last month PSA Group had entered into a deal with the CK Birla Group to enter the Indian market, under which initial investment of about Rs 700 crore has to be made.
This amount will be applied to manufacturing plant in Tamil Nadu. This plant will have the capacity to make one lakh vehicles every year.
PSA Group sells vehicles under three brands Puyo, Citroën and DS. This group has already shared partnership with India in the premier group.
Peugeot SA and CK Birla Group together want to dominate their Indian auto market. It is estimated that by the year 2025, between 80 lakh and 10 million cars will be started in India. This figure is close to 30 lakh in 2016.
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