 "Tata motors")
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
