MUMBAI: N Chandrasekaran, who became chair of Iveco following Tata Motors‘ biggest acquisition, said the combined ₹21 billion commercial vehicle group expects volumes, revenues and margins to grow over the next five years, as both companies explore opportunities to expand in each other’s markets, including manufacturing Iveco products in India.Speaking in Turin, Chandrasekaran said the combination brings together complementary product portfolios and geographic footprints, uniting two profitable and cash-generative businesses with operations spanning India, Europe and Latin America.The acquisition, Tata Motors’ biggest since its purchase of Jaguar Land Rover in 2008, has created the world’s fourth-largest commercial vehicle manufacturer in the trucks-above-six-tonnes segment, with annual sales of nearly six lakh vehicles.
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The combined group operates in more than 130 countries, with 27 manufacturing plants, 25 research and development centres and over 73,000 employees.Tata Motors completed the initial settlement of its tender offer last week, securing nearly 90% stake in Iveco for about ₹4 billion and making the Italian truckmaker an indirect subsidiary. Tata Motors is also working on the delisting of Iveco, although Chandrasekaran declined to provide a timeline.Despite the combination, Iveco will continue to operate from its headquarters in Turin, he said.At the press conference, Tata Motors MD Girish Wagh, who has joined the Iveco board as a non-executive director, recalled the Indian company’s long-standing association with the Italian city. “When Ratan Tata (former Tata Motors chairman) wanted to manufacture cars, he had turned to Turin,” Wagh said.Iveco’s existing brands, industrial operations and organisational identities will be preserved, while Tata Motors will support Iveco’s current strategic and investment plans. Iveco CEO Olof Persson will remain in his role.