A new setup has been initiated by Tata Motors Ltd for its Passenger Vehicle (PV) business amidst the coronavirus outbreak. A lot of established companies and startups are utilising this time in hand to brainstorm new ideas that can help in coping up with the pandemic while investing in concrete plans for the future.
The company has plans to merge its EV (electric vehicle) verticle with its PV vertical now. All services and functions for these two verticals will be retained by the parent company to provide cheap and affordable synergies for its customers.
“The proposed transfer shall be implemented through a scheme of the 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. We expect the transfer process to be completed in the next year,” declared the company in a statement.
Shailesh Chandra, the director of the EV segment of Tata Motors will also spearhead the PV vertical now. The responsibility will be handed over to him by Mayank Pareek, the president of the PV business. TML said, “Shailesh and Mayank will work on the transition over the next few weeks post which Mayank will be retiring from TML by end of February 2021,”
Source: LiveMint
