Tata Motors today said its board today approved merger of its wholly owned subsidiary TML Drivelines Ltd with itself.
"The board of directors of Tata Motors Ltd at its meeting ...Have considered and approved a scheme of merger and arrangement...Subject to the approvals as required, between the company and TML Drivelines Ltd, a wholly owned subsidiary of the company primarily engaged in the business of manufacturing axles, gearboxes and other part of the company's commercial vehicles," it said in a BSE filing.
It said the scheme is subject to necessary statutory and regulatory approvals including the approval of the National Company Law Tribunal.
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