Tata Motors-Iveco combination to form world's 4th largest CV group with ₹2.28 lakh crore in revenue

Tata Motors and Italy-headquartered Iveco on Tuesday announced that the combined enterprise will be the world's fourth-largest commercial vehicle maker with a revenue of ₹2.28 lakh crore (Euro 21 billion).

The Indian auto major acquired an 89.42% stake in Iveco for nearly 3.43 billion euros post the initial settlement of its cash tender offer, even as the buyout continues.

The acquisition of Iveco, making it an indirect subsidiary of the Indian auto major, will be Tata Motors' biggest since it bought Jaguar Land Rover from Ford in 2008. Iveco Group employs 33,000 people and operates 16 industrial sites and 22 R&D centres.

The settlement follows the completion of the acceptance period of the voluntary tender offer, under which Tata Motors offered EUR 14.4 per share in cash for Iveco's common shares.

The acceptance period will reopen for five trading days from November 2 to November 6, 2026, allowing shareholders another opportunity to tender their shares. Settlement of shares tendered during this period will take place on November 13.

Addressing a global press meet at Iveco's headquarters in Turin, Italy, Tata Sons Chairman N. Chandrasekaran highlighted the scale of the combined enterprise and the enormous growth opportunity.

"We see the volumes increasing over the next five years, and we see the revenues significantly increasing, and also the margin profile increasing," Chandrasekaran shared.

Tata Motors Managing Director and CEO Girish Wagh refused to give a timeline on Iveco's delisting from Italy's stock exchanges, but said it will happen "soon".

Tata Sons Chairman N Chandrasekaran has been appointed as Chairperson and Senior Non-Executive Director, and Olof Persson will continue as Chief Executive Officer.

Tata Motors' PB Balaji and Girish Wagh have joined the board as non-independent non-executive directors.