Tata Sons Chairman N Chandrasekaran Meets Italian PM Giorgia Meloni In Rome, ₹3.43 Billion Euro Iveco Deal Paves Way For Global Commercial Vehicle Powerhouse
· Free Press Journal
Mumbai: Tata Sons Chairman N Chandrasekaran met Italian Prime Minister Giorgia Meloni at Palazzo Chigi in Rome on Wednesday, with Tata Motors' acquisition of Iveco Group emerging as a major focus of discussions. The meeting comes as India and Italy strengthen economic and industrial cooperation, particularly in automotive manufacturing and technology.
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According to sources, Chandrasekaran outlined the Tata Group's strategy following its acquisition of a controlling stake in Iveco, one of Italy's leading commercial vehicle manufacturers. The discussions highlighted the growing importance of cross-border industrial partnerships between India and Italy.
Billion-Euro Acquisition
On October 30, Tata Motors announced the acquisition of an 89.42 per cent stake in Iveco Group for nearly €3.43 billion. The transaction followed the initial settlement of its cash tender offer, making Iveco an indirect subsidiary of Tata Motors. The acquisition brings together two major commercial vehicle businesses with complementary product portfolios and geographic strengths.
Global Expansion
Tata Motors and Iveco aim to increase volumes, revenue and profitability over the next five years. Together, the companies have a presence across more than 130 countries, including markets in Europe, India, South America, Asia, the Middle East and Africa. Their combined annual revenue stands at approximately €21 billion, equivalent to around ₹2.28 lakh crore.
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Speaking at Iveco's Turin headquarters on Tuesday, Chandrasekaran thanked Prime Minister Meloni and Italian Industry Minister Adolfo Urso for supporting the acquisition process. He also recalled Tata Motors' longstanding connection with Turin, where the company's first indigenous passenger car was designed with assistance from Italian design house Idea during the late 1990s.
Integration Plans
Chandrasekaran said Iveco brings established brands, advanced technology and manufacturing capabilities across trucks, buses and powertrains. Both companies are now moving towards integration and joint strategic planning. The partnership is expected to strengthen their international commercial vehicle operations and support long-term industrial growth.
Disclaimer: This report is based on PTI information and company announcements. It is intended for information only, not investment advice.