The Hindustan Motors is owned by C K Birla Group and the company has finalised a deal worth Rs 80 crore and sold the Ambassador car brand to the French car manufacturer Peugeot.
Once upon a time Indian iconic car brand Ambassador was an integral part of the retro urban India. The car which was being used by the Prime Minister of the country and even by the common man has been sold to French auto major.
A spokesperson from C K Birla group said, 'We have executed an agreement with the Peugeot SA Group for the sale of the brand Ambassador, including the trademarks.'
The Ambassador became popular in India with its spacious interior and ruled the Indian roads in the 1980s. But the sales of the car slumped to less than 2,500 units in the period of 2013-14.
February 11, 2017