Shareholders of Tata Motors have approved separating its passenger vehicles business into an entity. The shareholders voted to consider and approve the transfer of the passenger vehicles business unit to TML Business Analytics Services Ltd as a going concern.
In a regulatory filing, Tata Motors said total 2,15,41,38,392 votes were polled out of which 2,15,32,39,294 were in favour of the resolution, translating into 99.958 per cent of the total votes, while 8,99,098 votes (0.042 per cent) were against.
In terms of public institutional shareholders, total 68,86,10,054 votes were polled with all of them in favour and none against the resolution.
In public non-institutional shareholders category, total 15,20,76,906 votes were polled with 15,11,77,808 votes (99.409 per cent) in favour and 8,99,098 votes (0.591 per cent) against the move, the filing added.
The company management had stated that it expects the process of hiving off its domestic passenger vehicles (PV) business to be completed around May-June this year, although it has not yet taken a call on a potential partner for the business.
Last year, Tata Motors had announced that it would turn its domestic PV business unit into a separate entity and seek a strategic partnership in order to help the unit secure its long-term viability.