Tata Motors to hive off passenger vehicle business

Vehicle manufacturer Tata Motors has received approval from the National Company Law Tribunal (NCLT) Mumbai bench to transfer its passenger vehicles business into a separate entity. The carmaker was looking for collaboration to carve out passenger vehicle (PV) business as a separate standalone unit. The approval comes a year after Tata Motors' board had approved to form a separate entity which would house the PV business, worth INR 9,417 crore including the electric vehicle unit, by transferring relevant assets, IPs and employees directly relatable to the vertical for it to be fully functional on a standalone basis.