Tata Sons Chairman Meets Italian PM After Iveco Acquisition
Tata Sons Chairman N Chandrasekaran has held a meeting with Italian Prime Minister Giorgia Meloni at Palazzo Chigi in Rome, where the acquisition of the Italian commercial vehicle manufacturer Iveco Group by Tata Motors was a key topic of discussion, reflecting the increasing strategic industrial and economic relationships between the two nations.
Chandrasekaran outlined the Tata Group’s strategy after the Indian conglomerate secured a controlling interest in Iveco Group, one of Italy’s top commercial vehicle producers, during the meeting.
The meeting took place during the growing strategic economic and industrial partnership between Italy and India.
On October 30, Tata Motors announced that it has purchased an 89.42 percent stake in Iveco for approximately 3.43 billion euros after the completion of its cash tender offer.
During a global press conference at Iveco’s headquarters in Turin, Italy, Chandrasekaran expressed gratitude to the Italian government and Prime Minister Meloni for their support and encouragement 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.
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“I would like to thank everyone who has been involved in this transaction, and I’m grateful to all of them. I would also like to start today by thanking the Italian government and the Prime Minister Giorgia Meloni and Minister Adolfo Urso for their encouragement and support throughout this process,” the Tata Sons Chairman says.
He also remembered Tata Motors’ deep ties with Turin, noting that the company’s journey in developing domestic passenger cars began in the Italian city, where the concept for its first homegrown vehicle was created at design firm Idea in the late 1990s.
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Tata Motors and Iveco aim for considerable growth in volume, revenue, and margins in the next five years as both companies collaborate to establish a global commercial vehicle leader, Chandrasekaran stated during the press conference.
In a collaborative announcement, the firms remarked, “Complementary offerings and geographic advantages establish a genuinely global business, with a footprint in more than 130 countries spanning significant developed and high-growth regions in Europe, India, South America, Asia, the Middle East, and Africa, and a total revenue of 21 billion euros (approximately Rs 2,28,000 crore)”.
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Through the acquisition, the Italian commercial vehicle maker has turned into an indirect subsidiary of Tata Motors. The acquisition process is progressing, as the two companies are now entering the next stage of integration and collaborative strategic planning.