The Board of Tata Motors has approved to subsidiarize the companys PV business (including EV) by transferring relevant assets, IPs and employees directly relatable to the PV business for it to be fully functional on a standalone basis through a slump sale. However, certain shared services and central functions will be retained at TML to deliver cost efficiencies for the entire group. The proposed transfer shall be implemented through a scheme of arrangement, which will be tabled for approval to the TML Board over the next few weeks. Implementation of the scheme will be subject to regulatory and statutory approvals as applicable, including approval of shareholders and creditors. The company expects the transfer process to be completed in the next one year.
The company has appointed Shailesh Chandra, President EV and Corporate Strategy as President PV business including EV with effect from 01 April 2020. He will be assuming responsibility for the PV business from Mayank Pareek.