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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 on Friday.

The exercise, which is in the early stages, is aimed at splitting the auto operations into electric vehicle (EV), tractor and passenger vehicle businesses via a demerger process, the newspaper reported, citing people familiar with the talks.

India seizes $725m from China’s Xiaomi

Mahindra Group is also seeking funds for the EV unit and will club it with Italian design house Automobili Pininfarina to form a separate company, according to the report. Mahindra did not immediately respond to a Reuters request for comment.

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