Indian auto-to-technology conglomerate Mahindra Group has begun a restructuring process to split its automobiles business into three separate units, the Economic Times reported.
The exercise, which is in the early stages, is aimed at splitting the auto operations into electric vehicle, tractor and passenger vehicle businesses via a demerger process, the newspaper reported on Friday, citing people familiar with the talks.
Mahindra Group is also seeking funds for the EV unit and will club it with Automobili Pininfarina to form a separate company, according to the report.
Mahindra denied the report.
"The company considers it necessary to clarify to the stock exchanges that there are no plans to split the auto business of the company into three units," Mahindra said on Friday.
