Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
November 22, Wednesday 2017 11:10 AM       

       HEADLINES: Purchasing laptop under IT@school: Laptop price reduced by Rs 455                                              One arrested in connection with attack on Mayor                                              There was no pressure: Justice P S Antony                                              Clashes in Munnar hartal, CPI not participating                                              ‘Honey trap’ case against A K Saseendran: Commission submits report                                              ‘Padmavati’ row: Kamal wants Deepika’s head 'saved'                                              Indian Army breaks world record with 58 men on single bike                                              IFFI 2017: Sridevi inaugurates Indian Panorama                                              Finally, Robert Mugabe resigns                                              Kohli climbs to fifth spot in Test rankings                                              Sindhu leads India's challenge at Hong Kong Open                                              India vs SL: Bhuvi, Dhawan released from team                                              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
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  
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  
 
Do you think media was banned at CM's office on Tuesday?
yes
 
no
 
no opinion
 
 
 
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