Tata Sons Chairman N Chandrasekaran met Italian Prime Minister Giorgia Meloni in Rome on Wednesday to discuss Tata Motors' recent acquisition of Iveco Group. Chandrasekaran said, "I would like to thank the Italian government and the Prime Minister Giorgia Meloni for their encouragement and support throughout this process" regarding the deal.
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.
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.
The meeting came amid the increasing strategic economic and industrial collaboration between Italy and India.
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.
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"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.
"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.
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 Rs 2,28,000 crore)".
With the acquisition, the Italian commercial vehicle manufacturer has become Tata Motors' indirect subsidiary.
The acquisition process is continuing, with the two companies now embarking on the next phase of integration and joint strategic planning.