C K Birla has stepped down as the chairman of the board of Hindustan Motors Ltd and also decided to relinquish directorship of the ailing automobile firm.
As announced earlier, Hindustan Motors has been in discussions with strategic and financial investors for both its Uttarpara and Chennai units. There has been keen interest shown by potential global partners, the company said in a statement.
The decision reflected Birla's thinking that his stepping down would pave the way for the entry of strategic investors and allow for greater flexibility during discussions, the statement added.
