Tata Sons Chairman N Chandrasekaran has met Italian Prime Minister Giorgia Meloni at Palazzo Chigi in Rome, with the acquisition of Italian commercial vehicle maker Iveco Group by Tata Motors featuring prominently in discussions amid growing strategic industrial and economic ties between the two countries.
On October 30, Tata Motors said it has acquired an 89.42 per cent stake in Iveco for nearly 3.43 billion euros following the initial settlement of its cash tender offer. Sources said Chandrasekaran presented the Tata Group’s strategy following the Indian conglomerate’s acquisition of a controlling stake in Iveco Group, one of Italy’s leading commercial vehicle manufacturers, at the meeting held on Wednesday.
“I would like to thank everyone who has been involved in this transaction, and I’m grateful to all of them. “And Idea was where the first indigenous Indian car took shape. It is from the late nineties that many of us from Tata Motors have been coming to Turin.
Therefore, we have a very strong connect with Turin. Because it was kind of born here,” the Tata Sons Chairman said, we owe it to Turin for our passenger car business. Addressing a global press conference at Iveco’s headquarters in Turin, Italy, on Tuesday, Chandrasekaran thanked the Italian government and Prime Minister Meloni for their encouragement and support throughout the acquisition process. 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 said.
Tata Motors and Iveco are looking at significant growth in volumes, revenues and margins over the next five years as the two companies join hands to create a global commercial vehicle powerhouse, Chandrasekaran had said at the press conference. In a joint statement, the companies said, “Complementary portfolios and geographic strengths create a truly global enterprise, with presence in over 130 countries across key developed and high-growth markets in Europe, India, South America, Asia, the Middle East and Africa, and combined revenues of 21 billion euros (about ₹ 2,28,000 crore)”.
