From Turin to Rome: Tata deepens Italy ties after Iveco deal

New Delhi: 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 featuring prominently in discussions amid growing industrial and economic ties between the two countries.

Sources said Chandrasekaran presented the Tata Group's strategy following its acquisition of a controlling stake in Iveco, one of Italy's leading commercial vehicle manufacturers, at the meeting held on Wednesday.

On October 30, Tata Motors said 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.

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.

"Iveco Group, with very strong Italian roots and a strong presence across Europe and Latin America, brings huge industrial heritage, iconic brands, technology and world-class capabilities across trucks, buses and power trains.

"I would like to thank everyone who has been involved in this transaction, and I'm grateful to all of them. 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.

He also recalled Tata Motors' longstanding association with Turin, saying the company's indigenous passenger car development journey had its roots in the Italian city, where the design of its first indigenous car took shape at design house Idea in the late 1990s.

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