Hindustan Motors Sells iconic Ambassador car brand to French Company Peugeot
Posted on:13 Feb 2017 09:38:34
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13 February 2017 Current Affairs: C K Birla Group-owned Hindustan Motors have signed a deal with French carmakerPeugeot SA Group on February 10, 2017 to sell its iconic Indian car brand “Ambassador” to Peugeot for Rs. 80 crore.
The production of Hindustan Ambassador car was discontinued in 2014 as sales dropped continuously and it could not keep up with the new generation of cars in the Indian market.
Kolkata based Hindustan Motors would sell the car brand as well as the trademarks and use the proceeds to clear the dues of the employees and lenders.
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