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Hind Motors sells Ambassador brand to Peugeot for Rs 80 crore

India Newzstreet Media
Updated

Hind Motors has sold the Iconic Ambassador car to French car-maker Peugot. The deal was finalised for Rs 80 crore. Though, it is not clear if Peugeot will use the Ambassador brand for its cars in India. Ambassador has fond memories among those who have grew up in the 70's and 80's. It was the peak of Ambassador. Only last year, Peugeot had announced plans to re-enter Indian market by 2018 and had entered into a joint-venture with CK Birla Group for the Chennai plant. The tieup was to make use of the Hindustan Motors plant in Chennai which is presently producing vehicles for Mitsubishi.