Tata Motors Board Approves Subsidiarization Of Passenger Vehicle Business

(RTTNews) - Tata Motors Ltd. (TTM) said its Board has in-principle approved to subsidiarize the company's Passenger Vehicles business (including Electric Vehicles) by transferring relevant assets, IPs and employees directly relatable to the Passenger Vehicles business. This shall be implemented through a scheme of arrangement, the company said. Tata Motors expects the transfer process to be completed in the next one year.

Tata Motors also announced the appointment of Shailesh Chandra, President EV and Corporate Strategy as President Passenger Vehicles business including EV with effect from April 1, 2020. He will be assuming responsibility for the business from Mayank Pareek. Mayank will be retiring from Tata Motors by end of April 2020.