Tata Sons Chairman N Chandrasekaran met Italian Prime Minister Giorgia Meloni at Palazzo Chigi in Rome on Wednesday, with the acquisition of Italian commercial vehicle manufacturer Iveco Group by Tata Motors featuring prominently in discussions amid growing industrial and economic ties between India and Italy.
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 transaction is expected to bring Tata Motors and Iveco Group together to create one of the world’s largest commercial vehicle manufacturers.
On October 30, Tata Motors announced that it had acquired an 89.42 per cent stake in Iveco Group for nearly 3.43 billion euros following the initial settlement of its cash tender offer.
The meeting assumes significance against the backdrop of strengthening strategic and industrial cooperation between the two countries. The acquisition marks a major development in Tata Group’s global commercial vehicle ambitions and further strengthens its presence in the European market.
Earlier, addressing a global press conference at Iveco’s headquarters in Turin on Tuesday, Chandrasekaran thanked the Italian government and Prime Minister Meloni for their encouragement and support throughout the acquisition process.