Tata Motors’ passenger vehicles business to operate into a new entity, after the shareholders approve its hive off. On March 5, the company’s shareholders have voted to consider and approve the transfer of the passenger vehicles business unit to TML Business Analytics Services as a going concern on a slump sale basis for a while consideration. As per to the company’s report, Its PV business has been valued at Rs.9,417 crore.

Previously, the company’s board had permitted a plan to hive off its passenger vehicles, including the electric vehicles, business into a separate subsidiary through a scheme of arrangement and opt for a strategic partnership in order to secure its long-term viability.

Moreover, the company management has previously stated that it expects the process to be completed around May-June this year.

In a regulatory filing, Tata Motors have stated that total 2,15,41,38,392 votes were polled out of which 2,15,32,39,294 were in favour of the resolution, translating into 99.95 percent of the total votes, while 8,99,098 votes (0.042 percent) were in opposition.

Alongside, the public institutional shareholders, total 68, 86,10,054 votes were polled with all of them in favour and none against the resolution.

In the beginning of 2021, there was a strong buzz that Tata might associate with Elon Musk’s Tesla to lead India’s electrification drive.

But, Tata Motors had in January this year denied the speculations. Tesla, on the other hand, is expected to set up an electric-car manufacturing unit in Karnataka.