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Tata Motors Board gives nod to turn passenger vehicles business into subsidiary

Tuesday, 31 Mar 2020
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The Board of Tata Motors (TML) has given in-principle nod to turn the company’s passenger vehicle (PV) business, including electric vehicles, into a subsidiary by transferring relevant assets, intellectual property rights and employees directly related to the PV business for it to be fully functional on a standalone basis through a slump sale. 
 
However, some of the shared services and central functions will be retained at TML to deliver cost efficiencies for the entire group. 
 
The proposed transfer will be implemented through a scheme of arrangement which will be tabled for approval to the TML Board. 
 
The implementation of the scheme will be subject to regulatory and statutory approvals as applicable, including approval of shareholders and creditors. 
 
The transfer process to be is expected to be completed in the next one year. 
 
TML also announced the appointment of Shailesh Chandra, President, Electric Vehicles and Corporate Strategy, as President, PV Business, including EVs, with effect from 1 April 2020.

 

 
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