Eicher gets shareholders nod for hiving commercial vehicle business

MUMBAI: Eicher Motors on Monday said it has received shareholders approval for transferring its commercial vehicle division, along with the components and engineering design services businesses to a new subsidiary.

The shareholders of the company by way of postal ballot, have approved the resolution, for the said transfer with requisite majority, the commercial vehicle manufacturer said in a filing to the Bombay Stock Exchange.

Accordingly, the company's commercial vehicle business located at Pithampur, Madhya Pradesh and its components business at Thane in Maharashtra, Dewas in Madhya Pradesh and Gurgaon would be transfered.

Besides, Eicher Motors' engineering design services business located at Gurgaon, Haryana along with assets belonging to commercial vehicle business situated at New Delhi would also be transfered.

Further, investment in US-based Design Intent Engineering and in Hoff & Associates Inc would also be transfered by way of slump sale and on a going concern basis to new subsidiary of the company that would be incorporated.

Source : TET