NEW DELHI: Tata Sons chairman N Chandrasekaran met Italian Prime Minister Giorgia Meloni at Palazzo Chigi in Rome, with the Indian conglomerate’s acquisition of Italian commercial vehicle maker Iveco Group featuring prominently in their discussions.The meeting comes as India and Italy look to deepen their strategic industrial and economic ties. Sources said that Chandrasekaran presented the Tata Group’s strategy following its acquisition of a controlling stake in Iveco, one of Italy’s leading commercial vehicle manufacturers.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. The Italian manufacturer has now become an indirect subsidiary of Tata Motors.The acquisition brings together two companies looking to expand their volumes, revenues and margins significantly over the next five years. Addressing a global press conference at Iveco’s headquarters in Turin on Tuesday, Chandrasekaran said the partnership would help create a global commercial vehicle powerhouse.He also acknowledged the support extended by the Italian government during the acquisition process, thanking Meloni and Minister Adolfo Urso for their encouragement.“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 spoke about Tata Motors’ long association with Turin, tracing it back to the development of the company’s first indigenous passenger car. He recalled how former chairman Ratan Tata had chosen the Italian city for the project, with the car’s design taking shape at the Turin-based 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,” Chandrasekaran added.The two companies said their complementary product portfolios and geographical strengths would give the combined business a presence in more than 130 countries, covering key developed and high-growth markets across Europe, India, South America, Asia, the Middle East and Africa.Their combined revenues stand at 21 billion euros, or about Rs 2,28,000 crore, according to a joint statement.The acquisition process is still continuing, with Tata Motors and Iveco now moving into the next phase of integration and joint strategic planning.
