Tata Sons Chairman N Chandrasekaran met Italian Prime Minister Giorgia Meloni at Palazzo Chigi in Rome on Wednesday, with Tata Motors’ acquisition of a controlling stake in Iveco Group forming a central part of discussions on India-Italy industrial and economic ties.
According to sources cited in the report, Chandrasekaran presented the Tata Group’s strategy following its acquisition of an 89.42 per cent stake in Iveco, one of Italy’s leading commercial vehicle manufacturers. The transaction, valued at nearly €3.43 billion, was announced by Tata Motors on October 30 after the initial settlement of its cash tender offer.
The meeting took place as Tata Motors and Iveco move into the next stage of integration and joint strategic planning. The companies have said that their complementary product portfolios and geographic strengths will create a commercial vehicle business with a presence in more than 130 countries across Europe, India, South America, Asia, the Middle East and Africa.
The combined business reported revenues of €21 billion, equivalent to about Rs 2.28 lakh crore, in the joint statement issued by the companies. Commercial vehicles, including trucks and buses, form a critical layer of urban and regional mobility systems, although the supplied report does not provide details of any immediate changes to vehicle production, operations or market strategy in India.
Speaking at a global press conference at Iveco’s headquarters in Turin on Tuesday, Chandrasekaran thanked the Italian government and Meloni, along with Industry Minister Adolfo Urso, for their encouragement and support during the acquisition process. He described Iveco as a company with strong Italian roots, a substantial European and Latin American presence, established brands, technology and industrial capabilities in trucks, buses and power trains.
The Tata Sons chairman also highlighted Tata Motors’ longstanding relationship with Turin. He recalled that when former Tata Motors chairman Ratan Tata decided that the company would develop and manufacture an indigenous passenger car, its design took shape at the Turin-based design house Idea in the late 1990s.
Chandrasekaran said the company’s passenger car development journey was closely connected with Turin, where Tata Motors personnel had worked for many years. The reference underscored the industrial relationship between Tata Motors and Italy that predates the Iveco transaction.
Tata Motors and Iveco are targeting significant growth in volumes, revenues and margins over the next five years, Chandrasekaran said at the press conference. The acquisition makes Iveco an indirect subsidiary of Tata Motors, while the integration process and joint strategic planning continue.
The companies have not yet announced a detailed integration timetable or specific operational changes in the supplied material. The next formal milestone is the continuation of the integration process between Tata Motors and Iveco.
