Peugeot Buys Iconic Indian Car Brand
French car manufacturer Peugeot has bought India’s most iconic car brand from its maker Hindustan Motors in a deal that signifies the passing of an era in India’s motoring history. Over the weekend, the C.K. Birla Group that owns Hindustan Motors said it had signed an agreement with Peugeot SA to sell the Ambassador for 800 million rupees ($12 million). The hulking Ambassador sedan remained largely unchanged for more than five decades, ferrying India’s elite, including prime ministers, visiting heads of states and celebrities. It was a throwback to an era when India’s policy of economic self-sufficiency meant …