Tata Motors Limited (formerly TML Commercial Vehicles Limited) announced today, January 29, 2026, that its Board of Directors has approved a Composite Scheme of Amalgamation. This scheme will merge TMF Holdings Limited ("TMFHL") and TMF Business Services Limited ("TMFBSL"), both wholly-owned subsidiaries, with Tata Motors. The merger is intended to rationalize and simplify the group's structure, reduce the number of legal entities, and eliminate administrative duplications, thereby lowering associated costs. As TMFHL and TMFBSL are wholly-owned subsidiaries, their share capital will be cancelled upon the effectiveness of the scheme, and no new equity shares will be issued by Tata Motors. The existing Non-Convertible Debentures (NCDs) of TMFHL will be treated as NCDs of Tata Motors post-merger, with no change in terms and conditions. The business of Tata Motors primarily involves manufacturing commercial vehicles. TMFHL is registered as an NBFC-Core Investment Company and handles investments and financing for subsidiaries, while TMFBSL is involved in operating leases. The Scheme is subject to approvals from shareholders, creditors, the National Company Law Tribunal, stock exchanges, and other regulatory authorities. The Board meeting commenced at 11:00 a.m. and concluded at 4:00 p.m. on January 29, 2026.
