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.
Boosted by its demand, sales jumped 166% in February. The firm is now planning a massive facelift for its cars to keep the momentum going.
Vendors are ready to pull out of Singur and follow Tata Motors, said some of them, a day after Ratan Tata threatened to do so.
The company was also looking for a strategic investor for the revival of the Uttarpara plant.
C K Birla group company Hindustan Motors (HM) has drawn up plans for restructuring of the company which was suffering from poor cash flow due to lack of vehicle sales.
The decision reflected Birla's thinking that his stepping down would pave the way for the entry of strategic investors and allow for greater flexibility during discussions, the company said.
With the resignation of Uttam Bose as managing director and chief executive officer of HM last week, Moloy Chowdhury has been appointed as acting MD and CEO of the company, which owns assets at Uttarpara and Indore.
None of the 2,600 workers had any clue about the suspension of work notice, put up on the gate of India's oldest automobile plant last Sunday.
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