India's iconic Ambassador car brand is sold to Peugeot

  |   India News

One of India's most iconic car brands has been sold by Hindustan Motors to the French manufacturer Peugeot for a nominal $12m (£9.6m), officials say.

Peugeot has long been keen to get a foothold in India and was one of the first foreign car makers to enter the country in the mid-1990s when the economy first was liberalised.

But its downfall was as spectacular as its rise - dropping from sales of more than 20,000 cars in the mid-1980s to about 2,000 in 2013-14 when production was suspended.

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