New Delhi, Aug 13 (UNI) Argentum Motors today said it has acquired controlling stake in French automaker Heuliez for 25 million euros.
''The commercial court of Bressuire today approved the safeguard plan proposed by Argentum and Groupe Henri Heuliez and Heuliez SA. As part of its proposal, Argentum Motors will invest up to 25 million Euros for an initial stake of 60 per cent in the French company,'' Argentum Motors Chairman Ajay Singh said in a statement.
Caisse des Depots et Consignations (CDC) has also committed an investment of five million euros into Heuliez.
Heuliez has sales in excess of 200 million euros. The company is known for its cutting-edge auto design and for designing and building vehicles and automotive components for leading companies such as Peugeot, Renault, Citroen, General Motors, EADS and Daimler Benz.
As part of the re-structuring, Heuliez will be spun-off into three companies - Heuliez Electric, Heuliez Engineering and Design and Heuliez Manufacturing.
Heuliez Electric will build electric vehicles under the Heuliez brand for the global market and engage in international programmes with global players to develop cutting-edge electric vehicle technology and vehicles.
Heuliez Engineering and Design will work closely with Argentum Engineering and Design to integrate Heuliez expertise with Argentum delivery capability to build a global automotive design company.
Heuliez Manufacturing will utilise its facilities in Cerizay, India, Spain and Slovakia to build cars and automotive parts for the global market.
The company will support Argentum by distributing Argentum products in Europe, leverage Heuliez's patents in retractable hard top technology and support Heuliez Electric in the manufacture of electric vehicles.
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