N Chandrasekaran, chairman of Tata Sons, Tata Motors and Iveco Group, met Italian Prime Minister Giorgia Meloni at Palazzo Chigi in Rome on November 4, following the formal launch of the combined Tata Motors-Iveco commercial vehicle business.
The meeting comes amid expanding industrial and economic engagement between India and Italy, with the acquisition of Iveco Group by Tata Motors marking a significant development in bilateral commercial vehicle industry ties.
The meeting followed the November 3 announcement in Turin that Tata Motors and Iveco Group had commenced operations as a combined global commercial mobility enterprise. The group is ranked fourth globally among commercial vehicle manufacturers in the above-six-tonne segment, based on sales volumes.
The combined enterprise has an annual sales volume of approximately 590,000 vehicles and revenues of around €21 billion (approximately ₹2.28 lakh crore). It operates across more than 130 countries, with 27 manufacturing sites, 25 research and development centres and approximately 9,300 sales and service locations. Its workforce exceeds 73,000 employees.
Tata Motors completed the initial settlement of its recommended tender offer for Iveco shares on October 30, acquiring 89.42% of the company's common share capital. The offer was made at €14.40 per share, with a reopening period scheduled from November 2 to 6.
The combination brings together Tata Motors' commercial vehicle operations and Iveco's established presence in Europe and Latin America. While Tata Motors has a strong presence in India and other emerging markets, Iveco contributes light, medium and heavy commercial vehicles, buses and powertrain capabilities through its FPT business.
Iveco will retain its headquarters in Turin, Italy, along with its existing brands, teams and industrial footprint. Tata Motors has stated that it will support Iveco's existing strategy and investment plans, while the two businesses work across engineering, technology, manufacturing and distribution.