March 9, 2021 3:45:43 am
Tata Motors shareholders have approved hiving off its passenger vehicle (PV) business into a separate entity.
On March 5, the shareholders of the company voted to consider and approve the transfer of the passenger vehicles business unit to TML Business Analytics Services Ltd. A total 215.41 crore votes were polled out, of which 215.32 crore votes were in favour of the resolution, translating into 99.958 per cent of the total votes, while 8,99,098 votes (0.042 per cent) were against the proposal.
It said 68.86 core votes of institutional shareholders were polled with all of them in favour and none against the resolution.
The company had said its PV business has been valued at Rs 9,417 crore. The management had stated that it expects the process of hiving off its domestic PV business to be completed around May-June, although it has not yet taken a call on a partner for the business.
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