Tata Motors owns Jaguar Land Rover, a portfolio of passenger and electric vehicle brands sold primarily in India, and one of the largest commercial vehicle businesses in Asia. The company recently underwent a major corporate restructuring that split these operations into separate entities, so the picture of “what Tata Motors owns” looks different today than it did even a year ago.
Jaguar Land Rover
The crown jewel of Tata Motors’ portfolio is Jaguar Land Rover (JLR), the British luxury automaker that Tata acquired from Ford in 2008 for roughly $2.3 billion. JLR operates two distinct brands: Jaguar, known for its luxury sedans and sports cars, and Land Rover, which produces premium SUVs including the Range Rover, Defender, and Discovery lines. JLR is headquartered in Coventry, England, and manufactures vehicles in the UK, Slovakia, China, India, and Brazil.
JLR is by far the most valuable piece of Tata Motors’ business. It generates the majority of the company’s global revenue and gives Tata a significant footprint in markets across Europe, North America, and China. The subsidiary operates as Jaguar Land Rover Automotive Plc, a wholly owned unit of the parent company.
Passenger Vehicles in India
Inside India, Tata Motors sells a broad lineup of cars and SUVs through its passenger vehicle division. The “New Forever” range includes popular models like the Nexon, Harrier, Safari, Punch, and Tiago. These vehicles compete in the mass market, positioned as affordable options with a focus on safety ratings and connectivity features. Tata has climbed to become one of the top-selling passenger car brands in India, gaining significant market share over the past several years.
The passenger vehicle business operates through Tata Motors Passenger Vehicles Limited (TMPVL), which also houses the company’s electric vehicle operations and the JLR subsidiary under its umbrella.
Electric Vehicle Business
Tata runs its EV efforts through a dedicated subsidiary called Tata Passenger Electric Mobility Limited (TPEML). This unit designs, manufactures, and sells electric versions of Tata’s passenger vehicles, and the company has committed to investing $2 billion by 2026 to launch 10 new electric models and build out charging infrastructure across India.
TPEML is a wholly owned subsidiary of Tata Motors. It has attracted outside investment interest as well. TPG Rise Climate, a private equity fund focused on climate-related investments, holds a financial stake that is structured to convert into equity shares, valued at roughly 2,464 crores (about $290 million) as of March 2025. Tata currently dominates the Indian EV market, with the Nexon EV as its bestselling electric model.
Commercial Vehicles
Tata Motors has long been one of the world’s largest manufacturers of trucks and buses. Its commercial vehicle lineup ranges from small pickup trucks to heavy-duty mining vehicles, and the company holds a dominant share of the Indian truck and bus market.
As of October 1, 2025, this entire commercial vehicle business was formally demerged into a separate company called TML Commercial Vehicles Limited (TMLCV). Every Tata Motors shareholder received one TMLCV share for each Tata Motors share they held, with a record date of October 14. TMLCV is expected to list on Indian stock exchanges under the Tata Motors name, while the remaining passenger vehicle and JLR business will trade as TMPVL.
The commercial vehicle entity also houses some of Tata Motors’ other investments, including a stake in Tata Capital, the financial services arm of the broader Tata Group.
How the Demerger Changes Things
Before October 2025, Tata Motors was a single company that owned everything from Range Rovers to heavy-duty trucks. After the demerger, there are now two independent listed companies. The passenger vehicle side (including JLR, the Indian car brands, and the EV business) operates separately from the commercial vehicle side.
For investors and anyone tracking the company, this means “Tata Motors” will soon refer specifically to the commercial vehicle business once the renaming takes effect. The passenger and luxury side will carry a new trading name. Both remain part of the Tata Group, the massive Indian conglomerate that also controls Tata Consultancy Services, Tata Steel, and dozens of other companies, but they will function as separate publicly traded entities with their own management teams and financial reporting.
Other Partnerships and Ventures
Tata Motors has historically entered joint ventures with international manufacturers. One notable partnership was with Fiat (now part of Stellantis), which established a manufacturing joint venture at a plant in India. That facility was designed to produce over 100,000 cars and 200,000 engines and transmissions per year, manufacturing vehicles and powertrains for both Fiat and Tata brands. Fiat’s 1.3-liter multijet diesel engine, widely used across Tata’s lineup for years, came out of this partnership. Fiat has since largely exited the Indian market, and the joint venture’s role has diminished.
Tata also operates finance and vehicle-leasing subsidiaries in several countries, along with distribution companies that handle sales and service for its brands across Africa, Southeast Asia, and other emerging markets. These are smaller operations but give Tata Motors a commercial presence in dozens of countries outside India and the markets JLR serves directly.