TIL Desk/Business/New Delhi/ The country’s first ever carmaker, Hindustan Motors, is looking at a second coming. Talks are on for a joint venture with a European auto company focused on the electric vehicle (EV) space.
A memorandum of understanding (MoU) has been signed and due diligence is expected to start shortly and will take 2-3 months to conclude. “Initially, the project will launch two-wheelers and subsequently four -wheelers,” said Uttam Bose, director, Hindustan Motors.
While discussions are on for a joint venture, Bose did not rule out the possibility of the company picking up a stake in the C K Birla-owned Hindustan Motors (HM).
Bose, however said, currently discussions were focused around a 51:49 joint venture where HM would have 51 per cent. But he clarified that the equity pattern could be discussed. “We will evaluate,” he said.
