CK Birla Group company Hindustan Motors has finalised an agreement with Japanese automaker Mitsubishi Motors to launch automatic variant of the premium sports utility vehicle 'Pajero Sport' during next fiscal, a top official has said.
"The company has finalised an agreement with its long time collaborator Mitsubishi Motors Corporation, Japan to launch an automatic version of the renowned SUV Pajero Sport...," Hindustan Motors Chairman, C K Birla said at the company's annual general meeting, held at Kolkata recently.
The manual version of SUV Pajero Sport was launched in March 2012 and it was one of the successive models for both Mitsubishi Motors and Hindustan Motors.
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Besides Pajero, Hindustan Motors has been retailing other premium SUVs Outlander, Montero, sedan 'Cedia'.
"It has also been decided to launch another model from Mitsubishi stable. Both the launches are slated for next fiscal," he said.
Commenting about the company's Tiruvallur plant near Chennai, Birla said the company has decided to demerge and transfer the facility as a "going concern" to its fully owned subsidiary Hindustan Motor Finance Corporation Ltd through a scheme filed with the Calcutta High Court.
"...The company was examining other options to meet the goals of continuing the operations. The company was in discussions with different interested entities and hoped for a strong support from West Bengal government which was equally interested in reviving the company," he said.
He said the company's accumulated losses exceeded its "networth" at the completion of the financial year ending September 30, 2013.
