Tata Sons chairman N Chandrasekaran met Italian Prime Minister Giorgia Meloni at Palazzo Chigi in Rome, with Tata Motors’ acquisition of a controlling stake in Italian commercial vehicle maker Iveco Group at the centre of discussions. The meeting comes as India and Italy seek to deepen their strategic industrial and economic relationship.
According to sources cited by The Times of India, Chandrasekaran presented the Tata Group’s strategy following the acquisition. Tata Motors announced on October 30 that it had acquired an 89.42 per cent stake in Iveco for nearly 3.43 billion euros after the initial settlement of its cash tender offer. Iveco has consequently become an indirect subsidiary of Tata Motors.
The transaction brings together Tata Motors and Iveco, two commercial vehicle companies with operations spanning trucks, buses and powertrains. The companies said their complementary product portfolios and geographical strengths would give the combined business a presence in more than 130 countries.
The joint business will cover developed and high-growth markets across Europe, India, South America, Asia, the Middle East and Africa. Its combined revenues stand at 21 billion euros, or about Rs 2,28,000 crore, according to a joint statement cited in the report.
Chandrasekaran addressed a global press conference at Iveco’s headquarters in Turin on Tuesday, where he described the partnership as one that could create a global commercial vehicle powerhouse. He also thanked the Italian government, Meloni and Italian Minister Adolfo Urso for their encouragement and support during the acquisition process.
“Iveco Group, with very strong Italian roots and a strong presence across Europe and Latin America, brings huge industrial heritage, iconic brands, technology and world-class capabilities across trucks, buses and power trains,” Chandrasekaran said, according to the report.
The Tata Sons chairman also highlighted Tata Motors’ longstanding connection with Turin. He recalled that former Tata Group chairman Ratan Tata had selected the Italian city for the development of Tata Motors’ first indigenous passenger car in the late 1990s. The car’s design took shape at Idea, a design house based in Turin.
Chandrasekaran said Tata Motors had maintained a strong association with Turin since that project, describing the city as the place where the company’s passenger car business was effectively born.
The acquisition process is continuing, with Tata Motors and Iveco moving into the next phase of integration and joint strategic planning. The companies are expected to work on combining their complementary product portfolios and geographical strengths as the enlarged commercial vehicle business begins operating across its expanded international footprint.
