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Hindustan Motor in progression to give up Chennai car plant

1 April, 2014
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CK Birla Group company Hindustan Motors is at the present time getting supports from moneylenders and Tamil Nadu government for proposal to handover the ownership of its Chennai auto plant to a separate substance - Hindustan Motor Finance Corporation - as a component of plan to cut down trouble.

In supersession of January 5, 2014 Working Arrangement Agreement, the organization had given over ownership of the auto plant at close-by Adigathur to Hindustan Motor Finance Corporation Limited, the company said in a BSE fillings.

Hindustan Motor in progression to give up Chennai car plant

"The necessary approvals of the lenders and the Tamil Nadu Government with respect to the transfer and other necessary approvals as may be required are under process", it said.

Early not long from now, the shareholders of the Kolkata-based organization gave their nod for raising about Rs 150 crore by method for deal or lease of the auto plant.

The vexed auto creator has been seeing immense misfortunes and the business of the organization was in "strain" because of easier deals volumes.

Meanwhile, the company was taking a gander at cutting losses by demerger of Chennai plant to a separate organization - Hindustan Motor Finance Corporation Ltd.

Hindustan Motors at present has two offices - one at Uttarpara in West Bengal and Chennai plant.

While the organization fabricates the popular Ambassador and light business vehicle Winner at Uttarpara, it makes premium SUV Pajero Sport, premium car Cedia, and extravagance Suvs Outlander and Montero, at the Chennai plant, as a team with Japanese automaker Mitsubishi Motors.

Japanese auto producer Isuzu Motors entered into a contractual concurrence with Hindustan Motors for contract collecting of Completely Knocked Down (CKD) units of Isuzu's games utility vehicle MU-7 and pick-up truck D-Max from the Chennai plant.

By Abhishek
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