Tata Motors has announced the demerger of its Commercial Vehicles (CV) business into TML Commercial Vehicles Limited (TMLCV), effective from October 3, 2025. This follows the sanction of the Composite Scheme of Arrangement by the Hon’ble National Company Law Tribunal (NCLT) in August and September 2025. The entire shareholding of Tata Motors in its CV-related group companies will be transferred to TMLCV.
Demerger Announcement
Tata Motors Limited (TML) has officially announced the demerger of its Commercial Vehicles (CV) business to TML Commercial Vehicles Limited (TMLCV). This decision follows the sanction of the Composite Scheme of Arrangement by the Hon’ble National Company Law Tribunal, Mumbai Bench (NCLT), with orders dated August 25, 2025, and a Rectification Order dated September 10, 2025.
Transfer of Group Companies
As a result of the demerger, all shareholding held by Tata Motors in its group companies associated with the Commercial Vehicles business will be transferred to TMLCV, effective from the scheme’s implementation date.
List of Transferred Subsidiaries
The following direct subsidiaries will have their shares transferred to TMLCV:
- Tata Motors Insurance Broking and Advisory Services Limited (100%)
- Tata Hispano Motors Carrocera S.A. (100%)
- Tata Hispano Motors Carrocerries Maghreb SA (100%)
- Tata Motors Body Solutions Limited (100%)
- TML CV Mobility Solutions Limited (100%)
- TML Smart City Mobility Solutions Limited (100%)
- TMF Holdings Limited (100%)
- TML CV Holdings Pte. Limited (100%)
Indirect Subsidiaries
The following indirect subsidiaries will also be transferred:
- Tata Daewoo Mobility Company Limited (Subsidiary of TML CV Holdings Pte. Limited) (100%)
- Tata Daewoo Mobility Sales Company Limited (Subsidiary of TML CV Holdings Pte. Limited) (100%)
- PT Tata Motors Indonesia (Subsidiary of TML CV Holdings Pte. Limited) (100%)
- PT Tata Motors Distribusi Indonesia (Subsidiary of TML CV Holdings Pte. Limited) (100%)
- TMF Business Services Limited (Subsidiary of TMF Holdings Limited) (100%)
- TML Smart City Mobility Solutions (J&K) Private Limited (Subsidiary of TML Smart City Mobility Solutions Limited) (100%)
- TML CV Holdings B.V. (Subsidiary of TML CV Holdings Pte. Limited) (100%)
Associate Companies
The following Associate Companies are impacted:
- Automobile Corporation of Goa Limited (49.77%)
- Nita Company Limited (40.00%)
- Tata Hitachi Construction Machinery Company Private Limited (39.99%)
- Freight Commerce Solutions Private Limited (42.11% on a fully diluted basis)
- Tata Motors Foundation (47.00%)
Joint Operations and Ventures
Joint Operations include:
- Tata Cummins Private Limited (50.00%)
- TCPL Green Energy Solutions Private Limited (Subsidiary of Tata Cummins Private Limited) (50.00%)
Joint Ventures include:
- Tata Motors Digital.Al Labs Limited (50.00%)
- Tata Motors Global Services Limited (50.00%)
Source: BSE