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CK Birla controlled Hindustan Motors Ltd — maker of the iconic Ambassador car — has sold the ‘Ambassador’ brand to French carmaker Peugeot.
According to a notification to the bourses, the “brand and certain related rights” have been sold for ₹80 crore.
Kolkata-based Hindustan Motors had suspended production of Ambassadors way back in May 2014 citing weak demand and lack of funds.
Modelled after the British Morris Oxford, the Ambassador was the first car to be made in India and was once considered a status symbol. However, it started losing dominance with the advent of Maruti Suzuki.
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