Hindustan Motors is owned by C K Birla group, which has signed the huge deal with French carmaker on iconic Indian car. Ambassador is one of the most famous turbos in Indian economy at earlier times, which is sold to the French carmaker Peugeot.
This deal is signed at Rs 80 crore, on Friday. Ambassador production had already halted 3 years ago. As per the reports, C K group spokesperson said, "We have executed an agreement with the Peugeot SA Group for the sale of the brand Ambassador, including the trademarks... We intend to use the proceeds from the sale to clear dues of employees and lenders,"
Reports reveal that Peugeot will use the car to design its new model. But, when resources asked questions to the French company they didn't reveal the actual purpose of owning Indian car.