Auto Major Peugeot Acquired The Iconic Brand “Ambassador” For Rs 80 Crore
The iconic brand Ambassador, which used to be a symbol of the high and mighty in power corridors, has changed hands, with Hindustan Motors selling it 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 regulatory filing. 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...