Tata Sons chairman meets Italian PM Meloni after Iveco takeover
N Chandrasekaran discussed the Tata Group's strategy following its acquisition of a controlling stake in Iveco Group.
Tata Sons chairman N Chandrasekaran met Italian Prime Minister Giorgia Meloni at Palazzo Chigi in Rome on Wednesday, according to reports from The Times of India, Economic Times and Business Standard. The discussions focused on the acquisition of Italian commercial vehicle manufacturer Iveco Group by Tata Motors.
The meeting occurred as India and Italy seek to strengthen strategic industrial and economic ties. Chandrasekaran presented the Tata Group's strategy regarding its controlling interest in the Italian company.
On October 30, Tata Motors announced it had secured an 89.42 per cent stake in Iveco for approximately 3.43 billion euros after settling its cash tender offer. This transaction made the Italian manufacturer an indirect subsidiary of Tata Motors.
Speaking at a press conference in Turin on Tuesday, Chandrasekaran said the partnership would help build a global commercial vehicle powerhouse. He expressed gratitude to Prime Minister Meloni and Minister Adolfo Urso for their support during the acquisition.
The two companies aim for significant growth in revenues, margins and volumes over the next five years. A joint statement noted that their combined revenues stand at 21 billion euros, or about Rs 2,28,000 crore.
The companies intend to use their combined strengths to maintain a presence in more than 130 countries. The acquisition process continues as the firms move into a phase of joint strategic planning and integration.