Tata Motors to carve out PV biz as separate entity, to see change of guard

Tata Motors will spin off its passenger vehicle (PV) business, including electric vehicles (EVs), unit into a separate subsidiary through a slump sale, the company said in a notification to the stock exchanges on Friday.

The move is aimed at securing "mutually beneficial strategic alliances" that provide access to products, architectures, power trains, new-age technologies, and capital, it added. The slump sale means the PV business will not carry any debt of the existing business.

The business will also see a change of guard. Shailesh Chandra, president of EV and corporate strategy, will replace Mayank Pareek as president of PV business, including