Hindustan Motors has received an amount Rs 80 crore from PSA Automobiles SA. PSA Automobiles SA has remitted 10,342,600 EUR equivalent to Rs 80 crore which the company has received on September 26, 2017, towards consideration money from PSA Automobiles SA for the purpose of sale/transfer of the Ambassador brand (including the trademarks having application numbers) and certain related rights (Ambassador Brand) by Hindustan Motors to PSA Automobiles SA.
Hindustan Motors is engaged in the manufacture and sale of vehicles, spare parts of vehicles, steel products and components. The company is also engaged in trading of spare parts of vehicles.
