Rome: Following the acquisition of Italy’s Iveco, Tata Sons Chairman N. Chandrasekaran met and spoke with the country’s Prime Minister Meloni.
Tata Motors has officially taken over Italy’s well-known commercial vehicle manufacturer, the Iveco Group, through a mega deal valued at $4.3 billion (about Rs. 36,300 crore). This is Tata’s biggest international automobile deal since it bought the Jaguar Land Rover brands from Ford in 2008. With this, Iveco has become a subsidiary of Tata Motors.
At the global press meet held last Tuesday at Iveco’s headquarters in Turin, Italy, Tata Sons Chairman N. Chandrasekaran officially announced Tata Motors’ acquisition of Iveco.
Speaking further, he said, “The Iveco Group, with very strong Italian roots and a strong presence across Europe and Latin America, has a great industrial legacy in trucks, buses and powertrains, renowned brands, technology and world-class capabilities.
“I would like to thank the Italian government, which encouraged and supported the entire process of acquiring this company, as well as Prime Minister Giorgia Meloni and Minister of Industry Adolfo Urso,” he said.
Following this, in a joint statement issued by the two companies, it was stated that “the combined revenue of the two companies is about Rs. 2,28,000 crore. The acquisition process is continuing, and both companies are now moving to the next stage of integration and joint planning.”
In the context of acquiring Iveco, Tata Sons Chairman N. Chandrasekaran met and spoke with Italian Prime Minister Giorgia Meloni in Rome, the capital of Italy, the day before yesterday.
During this meeting, which took place at the Prime Minister’s official residence, Palazzo Chigi, he explained to Giorgia Meloni the Tata Group’s entire plan to acquire Iveco. It is noteworthy that this meeting took place at a time when industrial and economic ties between India and Italy are strengthening.
