Kolkata, Jan 15 (IANS): Hindustan Motors Limited (HML), the makers of the good old Ambassador car in India, is planning to launch new SUVs next fiscal in collaboration with Mitsubishi Motors Japan, a company official said here.

"Our focus is now on SUVs (sports utility vehicles) and we plan to launch new models on the Mitsubishi platform by the next fiscal," company managing director Uttam Bose told mediapersons on the sidelines of a programme here Monday.

The company also signed an MoU with Raaj Unocal Lubricants Limited (RULL) for the manufacture and marketing of co-branded lubricants exclusively for HM vehicles.

He said the company's decision to demerge and transfer its Chennai car plant from where Mitsubishi cars like Pajero, Cedia, Lancer, etc. are produced, to its fully owned subsidiary Hindustan Motor Finance Corporation Limited (HMFCL) was taken to further the growth of the two entities (HML and HMFCL).

"To concentrate more on each of the businesses for their own individual growth, the decision has been taken. It is the decision of the management of the two business having different entities, guided to further individual growth," said Bose.

The C.K. Birla controlled HM board Jan 10 approved the company's proposal to restructure itself. Post demerger, the Uttarpara plant in Hooghly district will be under control of Hindustan Motors from where variants of the Ambassador cars are produced.

Bose also hoped that HM would break even by March this year. "Backed by a cut on expenses and reducing cost of production through efficient management, we hope the company would break even by March this year," Bose said.