(Reuters) -India’s Tata Motors said on Tuesday its shareholders have approved the company’s plan to split the automaker into two listed companies, separating its passenger and commercial vehicle arms.
Tata Motors had said last March that it would divide its commercial vehicle arm from its passenger business, which houses its cash cow luxury Jaguar Land Rover (JLR) brand, to unlock better growth prospects.
The proposal, which would give the shareholders equal stakes in both the listed entities, was approved with 99.9995% of votes, it said in an exchange filing.
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Arun Koyyur)
