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Indian car maker seeks to hand over Madras plant
Publication Date : 01-04-2014
CK Birla Group company Hindustan Motors is in the process of getting approvals from lenders and the Tamil Nadu government for a proposal to handover the possession of its Chennai car plant to a separate entity-Hindustan Motor Finance Corporation- as part of plans to cut losses.
In supersession of the 5 January 2014 Working Arrangement Agreement, the company had handed over possession of the car plant at nearby Adigathur to Hindustan Motor Finance Corporation Limited, the company said in a BSE filing.
“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.
HM currently has two facilities in West Bengal and in Chennai.