Hindustan Motors plots a comeback; talks on for JV with European co for EVs

MoU signed, due diligence expected to start soon and conclude in 2-3 months; project will start two-wheelers and then add four-wheelers

The country’s first ever carmaker, Hindustan Motors, is looking at a second coming.

Talks are on for a joint venture with a European auto company focused on the electric vehicle (EV) space. A memorandum of understanding (MoU) has been signed and due diligence is expected to start shortly and will take 2-3 months to conclude.

“Initially, the project will launch two-wheelers and subsequently four -wheelers,” said Uttam Bose, director, Hindustan Motors.

While discussions are on for a joint venture, Bose did not rule out the possibility of the company picking up a stake in the C K Birla-owned Hindustan Motors