Tata Motors gains after board OKs to set up new subsidiary, approved merger of TMFL with TCL

Industry:    5 months ago

Tata Motors added 1.92% to Rs 921.50 after the company said that its board has approved to set up a wholly-owned subsidiary namely TML Commercial Vehicles (TMLCVL).

TMLCVL is proposed to be incorporated with a paid-up capital of Rs 10,00,000 comprising of 5,00,000 equity shares of face value Rs 2 each fully paid-up in cash.

The company has incorporated TMLCVL for manufacturing automotive vehicles.

Earlier, the company has informed to the stock exchanges about the demerger of it into two separate listed companies, the Commercial Vehicles business and its related investments in one entity, and the Passenger Vehicles businesses including PV, EV, JLR and its related investments in another entity.

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