Hindustan Motors sold the iconic brand ‘Ambassador’ to European auto major Peugeot for Rs 80 crore. The C K Birla group firm has inked an agreement with Peugeot SA to this effect. As things stand, the manufacturing of Ambassador Car has been discontinued.
"Hindustan Motors has executed an agreement with Peugeot SA for the sale of the Ambassador brand, including the trademarks, for a consideration of Rs 80 crore," Hindustan Motors today said in a statement.
Last month, the PSA Group had inked a partnership with the CK Birla group to re-enter the Indian market and earmarked an initial investment of 100 million euros (around Rs 700 crore) to set up vehicle and powertrain manufacturing in Tamil Nadu. The tie-up entails two joint venture agreements between the companies of the two groups.
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