The C K Birla Group flagship company Hindustan Motors Limited (HML) recently announced the deal signing among the company and the public sector banking unit State Bank of India.

Notably, according to the terms of the deal, the bank will be providing vehicle finance for the products of the company. According to the statements issued by the company, apart from providing finance for SBI, the bank will also be providing finances to a host of its individual buyers of HML's new 2.3-tonne mini truck, HM-Shifeng Winner.

Apart from tying up with SBI, the company has also joined hands with Intraco Group of Bangladesh for the distribution of its CNG (compressed natural gas) version of the mini truck in the Bangladesh market.

It may be noted here that the company has been facing troubles as far its unit sales are concerned and it has recently reported to the Board of Industrial Financial Reconstruction (BIFR) that it has lost more than 50% in net worth so far.

The Ambassador that once ruled the Indian roads, has not been making to make any impact after players like Maruti & Hyundai entered the Indian market.