Skip to main content

Hindustan Motors gets Ambassador brand a new owner in Peugeot

The group had made repeated attempts to return to the Indian market.

By: PTI | New Delhi | Published:February 11, 2017 9:52 am
Ambassador, Ambassador brand, Ambassador car, Ambassador car, Hindustan motors, Peugeot, business news The CK Birla group is better known for the now discontinued iconic Ambassador car that was manufactured by group firm Hindustan Motors. 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 in Tamil Nadu. The tie-up entails two joint venture agreements between the companies of the two groups.
Watch what else is making news:

The initial manufacturing capacity will be set at about 1,00,000 vehicles per year and followed by incremental investment to support a progressive ramp-up of the long-term project. The manufacturing capacity for powertrains will cater to the domestic market requirements and global OEMs. The performance of the industrial set-up will be supported by a significant level of localisation in order to attain necessary cost competitiveness, the company had said last month.
The long-term partnership will allow both companies to participate in the growth of the Indian automotive market, which is expected to reach 8-10 million cars by 2025, from the current 3 million in 2016. The PSA group, which sells three brands — Peugeot, Citron and DS — is no stranger to India, having entered into a partnership with the erstwhile Premier family, resulting in joint venture Peugeot PAL India. However, it pulled out of the JV in 2001.
The group had made repeated attempts to return to the Indian market. In 2009, it decided to go slow on plans to kick off operations in India due to a global economic slowdown. Later, in 2011, it announced plans to re-enter the Indian market with a mid-sized sedan, 10 years after it had exited the country. The plan, however, did not materialise.
The CK Birla group is better known for the now discontinued iconic Ambassador car that was manufactured by group firm Hindustan Motors. It has presence in technology automotive, home and building, healthcare and education.
source

 

Labels:

Comments

Post a Comment

Popular posts from this blog

Vidarbha to house 80% cotton industries in Maharashtra

Govt working on a policy to make Amravati international textile hub The Maharashtra government is working on a comprehensive policy to integrate six distressed districts of Vidarbha through 80 per cent cotton industry to restore its tag of “white gold”. The policy intends to address problems of farmers in the country’s largest cotton growing belt across Nagpur, Amravati, Akola, Buldhana, Yavatmal, Washim and Wardha. In the 2016-17 budget, it plans to earmark special allocation to promote cotton based industries in Vidarbha to address its socio-economic problems. Chief Minister Devendra Fadnavis directed the officials to expedite work to transform Amravati district as the international textile hub of country. The detailed plan includes integrating three nodal departments of textile, finance and agricuture, to work towards attaining the target of the ambitious project. The state government intends to promote the textile sector through public-private-partnership. Vidar...
Post a Comment
Read more

VG-2017 Summit Registration - Vibrant Gujarat Global Summit.

Website Registration is mandatory to participate in Vibrant Gujarat Global Summit. You can register with invitation code or you can send request for participation. Individual Registration Process https://www.vibrantgujarat.com/registration.htm  The Vibrant Gujarat Global Summit, which started in 2003 to rekindle the pace of investments in the state, has since established itself as one of the most important international business events in the country. Vibrant Gujarat Global Summit is an example of the visionary approach of the Government of Gujarat towards inclusive and sustainable development by ensuring policy coherence and effective investment promotion. Far from the regional investment fair that characterized the first Summit in 2003, the biennial Summit has today become a unique forum for exchanging ideas, sharing knowledge, networking, exploring business opportunities and signing cooperation agreements and partnerships, while setting the policy agenda for m...
Post a Comment
Read more

Different Types of Fabrics Used in T-Shirts

When you are going to place an order for T-shirts or you are planning to start your own T-shirt brand or T-shirt manufacturing business, you try to find out what are the common fabrics used to make T-shirts. You might already know that T-shirt is majorly made of knitted fabrics. Within knitted fabrics there are variety of fabrics available in the market. So the most difficult thing is in knits fabrics what fabrics are for t-shirts. Mostly, T-shirt fabrics are made of 100% cotton yarns. Though polyester fabrics and spandex blended fabrics used for T-shirts. Fabric differentiation can be done in following ways. Like based on knits fabric structures, Fabric Patterns etc. Couple of images are shown in each fabric categories. Common T-Shirt fabrics based on knitting structure   Single Jersey Double Jersey 1X1 Ribs 2X2 Ribs : Ribs can be also used in neck finishing in a single jersey T-Shirt.  image courtesy: alibaba.com Common fabrics catego...
1 comment
Read more