Auto major Tata Motors Limited (TML) on Thursday said it has incorporated a wholly-owned subsidiary, called ‘TML Smart City Mobility Solutions Limited’ (TSCMSL) urban mass mobility business, with an initial capital of INR 5 crore.
With this, the company “intends to bring specific focus to its electric vehicle (EV) segment as a service offering across its portfolio of commercial vehicles. In addition to the existing State Transport Undertakings (STUs) and government fleets, TSCMSL will also cater to all business opportunities across passenger mobility applications,” Tata Motors said in a regulatory filing.
The Company has about 650 EV buses plying on roads across various cities in India with a cumulative coverage of more than 35 million km and has operationalized over 250+ electric buses in FY22, the automaker said.
TML will be the promoter of the new subsidiary and have 100% holding in it.
Tata Motors said in a statement that the new subsidiary has been incorporated to manufacture, design, and develop all kinds of vehicles including electric, diesel, CNG, hybrid, new energy vehicles (including hydrogen fuel cell), or vehicles propelled or assisted by means of other sources of energy and/or fuel and whether they be four=wheelers, buses, omnibuses, trucks, trailers, lorries, tractors, motor cars, ATVs, MHCVs, ILCVs, SCVs including Pickups, multi-wheel vehicles, and any allied infrastructure as may be required for such vehicles.
It will also develop and manufacture automotive and electrical components, spare parts, and accessories of all or any of the above-mentioned motor vehicles used for transport or conveyance of passengers, merchandise, and goods of every description.
