Tata Motors to subsidiarize Passenger Vehicles division

Tata Motors Ltd. Board has approved a plan to subsidiarize its passenger vehicle (including EVs) business. Assets, IPs and employees directly relatable to the passenger vehicle (PV) business will be transferred to the new subsidiary, which will function as a standalone unit.

The transfer will be implemented through a scheme of arrangement. It will be subject to regulatory and statutory approvals, including approval of shareholders and creditors. The process is expected to be completed in the next one year.

Tata Motors has also appointed Shailesh Chandra as the President PV business including EV. He is scheduled to take charge from April 1, 2020.

Earlier, Shailesh Chandra was President EV and Corporate Strategy. He replaces Mayank Pareek, who will be superannuating from Tata Motors at the end of February 2021.