Brand Ambassador to drive into Peugeot stable for Rs 80 cr

The Ambassador had been on a steady decline for long


The iconic Ambassador brand, once ubiquitous in official use, will now belong to Peugeot SA (PSA) — for Rs 80 crore.  In an intimation to stock exchanges, the C K Birla-controlled Hindustan Motors said it had entered a deal that included the sale of the Ambassador brand trademarks.  It later said, in a statement, “Ambassador has been an iconic brand and a surplus asset with us. We were looking for a suitable opportunity and found the right buyer in the PSA group. We intend to use the proceeds from the sale in clearing dues of employees, lenders and ...