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A meeting of the Board of Directors will be held on February 19 to consider, among other things, a proposal to restructure the company's business on terms and conditions to be decided by the Board, the company said in a communique to the Bombay Stock Exchange on Friday.
Hindustan Motors, part of the C K Birla Group, manufactures passenger cars (Ambassador and Contessa), multi utility vehicles and the rural terrain vehicles.
It also manufactures the mid-sized premium segment passenger car, Lancer and Sport Utility Vehicle, Pajero, in collaboration with Mitsubishi of Japan.
The company reported a loss of Rs 81 crore (Rs 810 million) and turnover of Rs 729 crore (Rs 7.29 billion) for the year ended March 31, 2004 against the loss of Rs 27 crore (Rs 270 million) and turnover of Rs 892 crore (Rs 8.92 billion) for the year ended March 31, 2003.