Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
January 24, Wednesday 2018 1:09 PM       

       HEADLINES: Surendran asks CM to break silence on allegations against Kodiyeri’s son                                              Father of arrested terrorist Qureshi cries foul                                              Triple Talaq- an excuse to target 'Shariat': Owaisi                                              Impeachment motion against CJI: Yechury discusses possibilities with other parties                                              Shiv Sena to contest 2019 LS polls alone                                              Modi invokes 'Vasudhaiva Kutumbakam' at WEF                                              25 students injured in Pak varsity clash                                              UN agency for Palestinians seeks funds after US cuts                                              Mallya extradition trial's next hearing date remains uncertain                                              Lawmakers back bill to reopen US govT                                              Trump signs funding bill, ends US govt shutdown                                              Blues take on Transport United in AFC Cup                                              Gaurika returns to action in second leg at Hero WPGT                                              Tendulkar gives pep talk to women's team ahead of SA series                                              Australian Open: Federer eases into quarters                                              IPL 2018 to begin from April 6                                              Kaumudi Facebook
       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
   
A A
       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.
A A
       AUTOMOBILE
Next Article: Car sales up 11%; passenger vehicles up 14% in Jan
 
 
AUTOMOBILE HEADLINES
Rolls-Royce Motor Cars 2017: The year of Bespoke  
Honda India recalls 22,834 cars  
Mercedes-Benz becomes first to launch BS-VI, locally made car  
Diesel cess to fund study on pollution's impact on health: CPCB  
Ashok Leyland inks pact with Israeli firm for EVs  
South Korea's Hyundai Motor Group to invest $21.6 billion over 5 years: Finance ministry  
Tata Motors to hike passenger  
Tata Motors to hike passenger vehicle prices by up to Rs. 25k  
Panasonic develops two-passenger automatic driving vehicle  
World's Fastest Cat goes head to head with Super Fast Car: Who won?  
Toyota, Suzuki finalise pact to launch EVs in India by 2020  
Electric vehicles way ahead for Smog-choked Delhi  
Piaggio to roll out new electric scooter 'Vespa Elettrica' in 2018  
Suzuki unveils new range with enhanced safety measures  
Yamaha unveils 'Motobot' motorcycle-riding robot  
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  
 
Will Wednesday's Motor strike be of any help to public?
yes
 
no
 
don't know
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy