Tata Sons Chairman Chandrasekaran Meets Italian PM Meloni After Iveco Acquisition

Tata Sons Chairman N Chandrasekaran has met Italian Prime Minister Giorgia Meloni in Rome, with the acquisition of commercial vehicle manufacturer Iveco Group featuring prominently in discussions amid growing industrial and economic ties between India and Italy.

The meeting took place at Palazzo Chigi, the Italian Prime Minister's office, on Wednesday. Sources said Chandrasekaran outlined the Tata Group's strategy following its acquisition of a controlling stake in the Italian company.

On October 30, Tata Motors announced that it had acquired an 89.42 per cent stake in Iveco for nearly 3.43 billion euros following the initial settlement of its cash tender offer. Iveco has consequently become an indirect subsidiary of Tata Motors.

Speaking at a global press conference at Iveco's headquarters in Turin on Tuesday, Chandrasekaran thanked Meloni, the Italian government and Industry Minister Adolfo Urso for their encouragement and support throughout the acquisition process.

He described Iveco as a company with strong Italian roots, an established presence across Europe and Latin America, and significant industrial heritage, technology and capabilities in trucks, buses and powertrains.

The acquisition is expected to strengthen the global commercial vehicle operations of both companies. Chandrasekaran said Tata Motors and Iveco were targeting significant growth in volumes, revenues and margins over the next five years.

According to a joint statement, the combined enterprise will have a presence in more than 130 countries across Europe, India, South America, Asia, the Middle East and Africa, with combined revenues of 21 billion euros (about Rs 2.28 lakh crore).