India’s Argentum Motors have finalized negotiations to acquire a controlling stake in French coachbuilder Heuliez, which has been under bankruptcy protection since December 2007.
Argentum, India’s largest independent automobile contract manufacturer, will pay €10 million for a 60 percent stake in Heuliez, the French company said in a statement today. Argentum will invest an additional €10 million in the next five years, which will increase its Heuliez stake to 67%, according to the statement.
