Ambassador car brand sold to Peugeot for ₹80 crore
The CK Birla controlled Hindustan Motors Ltd — maker of the iconic Ambassador car — has sold the ‘Ambassador’ brand to French carmaker Peugeot.
According to a notification to the bourses, the “brand and certain related rights” have been sold for ₹80 crore.
Kolkata-based Hindustan Motors had suspended production of Ambassadors way back in May 2014 citing weak demand and lack of funds
Peugeot is a French car manufacturer, part of Groupe PSA.
The family business that preceded the current Peugeot company was founded in 1810, and manufactured coffee mills and bicycles