The iconic Indian car brand Ambassador was an integral part of the retro urban India. The car which was being used by the Prime Minister of the country and even by the common man has been sold to French auto major.
The Hindustan Motors is owned by C K Birla Group. And the company has finalised a deal worth Rs 80 crore and sold the Ambassador car brand to the French car manufacturer Peugeot.
A spokesperson from C K Birla group said, "We have executed an agreement with the Peugeot SA Group for the sale of the brand Ambassador, including the trademarks."
The spokesperson further said, "We intend to use the proceeds from the sale to clear dues of employees and lenders."
The Ambassador brand was introduced in India by Hindustan Motors when the company launched the Morris Oxford Series II with minor updates seven decades ago.
The Ambassador became popular in India with its spacious interior and ruled the Indian roads in the 1980s. But the sales of the car slumped to less than 2,500 units in the period of 2013-14.
Although, it is not confirmed that whether Peugeot will use the Ambassador brand for its cars in India, as the French carmaker is making its comeback to the Indian market.
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