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. "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 said in a regulatory filing. The group had made repeated attempts to return to the Indian market. 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 CK Birla group is better known for the now discontinued iconic Ambassador car that was manufactured by group firm Hindustan Motors.

Source: dna February 11, 2017 03:22 UTC