Home-grown automaker Tata Motors has incorporated a new subsidiary called “TML CV Mobility” and will have 100% shareholding, according to a regulatory filing.
The new entity will provide end-to-end services of operating, repair and maintenance, including annual maintenance contracts (AMC) and fleet management services (FMS) for the automotive sector that includes electric mobility/electric vehicles, electric buses, Fuel Cell buses, and all types of commercial vehicles.
The formation of the new subsidiary is in line with the company's vision to strengthen its presence in the electric vehicle market. With this, the company will be able to operate in fleet management services aiming to become a modern mobility solutions provider.
Tata Motors Nexon is the highest-selling electric vehicle in the country. The company is also aggressively working to sell its electric buses to the government under the FAME-II scheme.
Tata Motors reported a net loss of INR 7,605 crore for the quarter ended March 31, 2021 (Q4FY21), mainly on account of asset write-downs in the subsidiary Jaguar Land Rover.