India's iconic Ambassador brand sold to Peugot for Rs 80 crore

February 11, 2017 11:36

Ambassador, the iconic Indian car brand that till less than a decade ago carried both the Prime Minister and the common man, is being sold to French carmaker Peugeot.

The C K Birla Group-owned Hindustan Motors formalised the deal for Rs 80 crore on Friday. Production of Ambassador cars had stopped around three years ago.

"We have executed an agreement with the Peugeot SA Group for the sale of the brand Ambassador, including the trademarks... We intend to use the proceeds from the sale to clear dues of employees and lenders," a CK Birla Group spokesperson told the Times of India.

To those who grew up in the 1960s and 70s, Ambassador wasn't just a car; it was an inseparable part of India's urban landscape.

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