Tata Sons Chairman N Chandrasekaran meets Italian PM Giorgia Meloni after Iveco acquisition

Tata Sons Chairman N. Chandrasekaran during a meeting with Italy's Prime Minister Giorgia Meloni. PTI

Tata Sons Chairman N Chandrasekaran met Italian Prime Minister Giorgia Meloni in Rome on Wednesday, with the Tata Group's acquisition of Italian commercial vehicle maker Iveco Group taking centre stage amid strengthening industrial and economic ties between India and Italy.

The meeting took place at Palazzo Chigi, the Italian Prime Minister's official residence, where Chandrasekaran outlined the Tata Group's strategy following its acquisition of a controlling stake in Iveco Group, one of Italy's leading commercial vehicle manufacturers, sources said.

The interaction comes amid growing strategic economic and industrial cooperation between the two countries.

On October 30, Tata Motors announced that 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.

Earlier, addressing a global press conference at Iveco's headquarters in Turin on Tuesday, Chandrasekaran thanked the Italian government and Prime Minister Meloni for their 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.

Chandrasekaran also highlighted Tata Motors' longstanding association with Turin, recalling how the Italian city played a key role in the development of the company's first indigenous passenger car in the late 1990s.

He said the project took shape at Idea, a design house in Turin, after former Tata Group Chairman Ratan Tata decided that Tata Motors would develop and manufacture its own passenger car.

"I would like to give you a story which explains our connect with Turin. When our ex-Chairman Mr Ratan Tata decided that Tata Motors will develop and manufacture its indigenous passenger car, he actually turned to Turin, and there was a famous design house in Turin by the name Idea.

"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. We owe it to Turin for our passenger car business because it was kind of born here," the Tata Sons Chairman said.

At the press conference, Chandrasekaran had said Tata Motors and Iveco were targeting significant growth in volumes, revenues and margins over the next five years, with the partnership expected to create a global commercial vehicle powerhouse.

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 Rs 2,28,000 crore)".

Following the acquisition, Iveco has become an indirect subsidiary of Tata Motors.

The acquisition process is continuing, with both companies now moving into the next phase of integration and joint strategic planning.