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       AUTOMOBILE Next Article: Car sales up 11%; passenger vehicles up 14% in Jan  
       Ambassador brand now gets a new owner in Peugeot
 
         Posted on :16:08:49 Feb 11, 2017
   
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       Last edited on:16:08:49 Feb 11, 2017
         Tags: Ambassador brand, Peugeot
 
NEW DELHI: 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. 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.
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       AUTOMOBILE
Next Article: Car sales up 11%; passenger vehicles up 14% in Jan
 
 
AUTOMOBILE HEADLINES
Lutyens Motorrad launched as BMW Motorrad Partner in Delhi  
Hyundai rolls out Tucson with 4WD system at Rs 25.19 lakh  
Mercedes retains top slot in luxury segment in India  
Skoda unveils new SUV Kodiaq  
Mercedes launches Edition C priced at Rs 42.54 lakh  
Tata Motors launches compact SUV Nexon at Rs 5.87 lakh  
Renault unveils premium SUV Captur; launch likely before Diwali  
Datsun India launches redi-GO GOLD 1.0L at Rs. 3.69 lakh  
Jeep Compass bookings touch 10,000 mark  
Chinese passenger car now being manufactured in Pak  
Datsun India launches more powerful redi-GO 1.0L  
Ducati launches the all new Scrambler Desert Sled in India  
Hero MotoCorp phases out select models, variants  
Maruti overtakes Infosys, ONGC in market capitalisation  
GM to stop selling cars in India by 2017 end  
India eyes all-electric car fleet by 2030  
Honda Activa now world's largest selling two-wheeler  
Tata Safari Storme replaces Maruti Gypsy in Indian Armed Forces  
Made-in-India Jeep to hit market by June  
Tata Motors launches compact sedan Tigor in Rajasthan  
Maruti, Hyundai clock record yearly sales in 2016-17  
Nissan launches new version of Terrano  
Renault India sales up 26.8% in February at 11,198 units  
Volvo eyes long haul transportation segment in India  
JLR launches Made-in-India Jaguar XF at Rs 47.50 lakh onwards  
 
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