The company has taken up an ambitious project to introduce a smaller version of the classic car.
The company blames fund crunch, falling demand, accumulating liabilities.
As Kolkata marches towards modernity, it is hard to imagine its streets without these cabs, notes Air Commodore Nitin Sathe (retd).
The country's first ever carmaker, Hindustan Motors, is looking at a second coming. Talks are on for a joint venture with a European auto company focused on the electric vehicle (EV) space. A memorandum of understanding (MoU) has been signed and due diligence is expected to start shortly and will take 2-3 months to conclude.
This is the second deal between Peugeot and the C K Birla group. Last month, the two groups entered a "long-term" partnership, with an initial investment in capital expenditure of close to Rs 700 crore, for vehicle and power-train manufacturing in Tamil Nadu.
Some cars that are emblematic of India's automobile industry will no longer come off the assembly lines after this year.
Pad was a moniker for the Premier Padmini, which became the jewel in the crown of the Mumbai-based Walchand Hirachand Group.
The Ambassador was a durable enough brand to outlive the licence raj.
