Jobaaj Stories
The CK Birla Group company Hindustan Motors has confirmed that it is selling the famous Contessa brand to SG Corporate Mobility Pvt. Ltd. for an undisclosed consideration.
The Contessa was India's own muscle car which is still considered as one of the most iconic ever. The car had a cult following to this date and is as expensive! Even a secondhand Contessa on Olx has a minimum price of Rs 5 lakhs today.
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The original Contessa was introduced in 1984 after Hindustan Motors acquired the production tools and dye casts from Vauxhall of Britain's discontinued Victor car series in 1978, at a cost of £1.5 million! The car was considered underpowered since Hindustan Motors chose to use its existing engines. In 2004, the car series was discontinued due to poor sales and low customer interest.
The transfer of the brand includes the transfer of trademark rights and all related rights, which will be valid upon fulfillment of the terms and conditions stated in the agreement. This news comes a week after the announcement of the revival of the classic Ambassador.
The stock of Hindustan Motors recently began declining as it stopped jumping after climbing for 15 consecutive trading sessions. Today marked the 6th consecutive trading session where the stock declined. The news of the sale resulted in a 4.79% decline as the stock trades at Rs 18.90 per share, registering a decline of 29.3% in 6 sessions.
Article by Aman Agarwal.
This news piece is brought to you in association with jobaaj.com
