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.
Hindustan Motor's Uttarpara unit in West Bengal which was shut since April 11 due to labour unrest, reopened on Thursday following an agreement between company management and trade unions.
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.
The bank got the share in lieu of repayment of loan.
The company was also looking for a strategic investor for the revival of the Uttarpara plant.
State labour minister Purnendu Bose told PTI that the management did not turn up at the tripartite on Tuesday, but sought a bipartite meeting with the government.
The minister said that the government wanted to know HM management's intention with regard to the Uttarpara plant which employs nearly 2300 employees, including managerial staff.
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.
Since work was suspended at the plant, worker unions have been on a sit-in protest.
The state transport department recently announced to give permit to 3,000 new taxis.
Hindustan Motors Limited, a C K Birla group company, on Sunday launched the LPG version of its Ambassador for the taxi and private car segments in the country.
Hindustan Motors Limited of C K Birla group will launch multi-utility vehicle manufactured at its Uttarpara plant in the state.
The company said it needed time to restructure the organisation and significantly reduce its liabilities.
A lump sum of Rs 100,000 has been offered under the VRS package.
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.
'This is purely a brand sale. It includes the Ambassador with its variants. Peugeot is likely to relaunch the brand with multiple variants.'
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.
While the Trinamool government, led by Chief Minister Mamata Banerjee, tried its best to attract investors, including from Singapore, not much headway could be made.
The Ambassador was a durable enough brand to outlive the licence raj.
West Bengal was the second-most industrialised state in terms of value added and first in terms of number of factories and employment even in the mid-1960s. With a severe and long process of deindustrialisation, it lost its primacy.
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