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Hindustan Motors Ltd To Demerge Chennai Car Plant-The Economic Times

Thursday, 10 Jan 2013 09:36am EST 

The Economic Times reported that Hindustan Motors Ltd, (HM) has decided to demerge and transfer Chennai car plant (CCP) manufacturing Mitsubishi passenger vehicles as a going concern to fully owned subsidiary, Hindustan Motor Finance Corporation (HMFC). HM Board met in New Delhi on January 10 and approved the Company's proposal to restructure itself. The Board also approved the Company's scheme of arrangement entailing segregation and realignment of CCP business unit at Tiruvallur as well as other business units in two different entities. The move is expected to help HM and HMFC to pursue and accelerate their respective growth plans. Post demerger, Hindustan Motors will manage Uttarpara plant which manufactures the iconic Ambassador cars including 1500 and 2000 cc diesel, 1800 cc petrol, CNG and LPG variants, light commercial vehicle (1-tonne payload mini-truck Winner 1.5 lt. and 2.0 lt. diesel) and Winner 1.8 lt. CNG, and auto components. It will also have run Pithampur unit near Indore in Madhya Pradesh which produces both variants of Winner. In consideration of the demerger, HM shareholders will get one equity share of INR5 each of HMFC for every thirteen equity shares of INR5 each held by them. 

Company Quote

-0.05 -0.55%
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