Mumbai, May 6 -- Tata Motors on Tuesday said its shareholders have overwhelmingly approved the company's proposal to demerge its operations into two separately listed companies - one for its commercial vehicles business and the other for its passenger vehicle unit, which includes luxury brand Jaguar Land Rover (JLR).

The automaker had announced the plan in March last year, aiming to unlock greater value and growth opportunities by separating its two core businesses.

According to a regulatory filing, the demerger plan received near-unanimous backing, with 99.9995% of the votes in favour. Once implemented, shareholders will hold equal shares in both newly listed entities.

Published by HT Digital Content Services with permission from Indi...