Tata Motors completes Iveco acquisition, plans local assembly in India

Tata Motors has completed its acquisition of an 89.42% stake in Italian commercial vehicle maker Iveco Group for €3.43 billion, creating the world's fourth-largest commercial vehicle manufacturer. The combined enterprise, announced at a press conference in Turin on Tuesday (3 November 2026), will have annual revenue of about €21 billion (Rs 2.28 lakh crore) and combined sales volumes of around 590,000 vehicles. It operates 27 manufacturing facilities, 25 R&D centres, over 9,300 sales and service locations and employs more than 73,000 people across 130 countries.

Tata Sons Chairman N Chandrasekaran said the companies are identifying Iveco products that could be locally manufactured in India, initially through semi-knocked-down assembly, and that Tata Motors' products could also enter markets where Iveco has a strong presence. Both brands will retain their individual identities, and Iveco's headquarters will stay in Turin. Olof Persson remains CEO, while Chandrasekaran has been appointed Chairperson of Iveco Group. The acquisition excludes Iveco's defence business. Tata Motors is working on delisting Iveco but has not set a timeline. The tender offer acceptance period will reopen from 2 to 6 November 2026, with settlement on 13 November.