Tata Sons Chairman Chandrasekaran meets Italian PM Giorgia Meloni after Iveco acquisition

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 countriesSources said Chandrasekaran presented the Tata Groups strategy following the Indian conglomerates acquisition of a controlling stake in Iveco Group one of Italys leading commercial vehicle manufacturers at the meeting held on WednesdayThe meeting came amid the increasing strategic economic and industrial collaboration between Italy and IndiaOn October 30 Tata Motors said it has acquired an 8942 per cent stake in Iveco for nearly 343 billion euros following the initial settlement of its cash tender offerAddressing a global press conference at Ivecos headquarters in Turin Italy on Tuesday Chandrasekaran thanked the Italian government and Prime Minister Meloni for their encouragement and support throughout the acquisition processIveco Group with very strong Italian roots and a strong presence across Europe and Latin America brings huge industrial heritage iconic brands technology and worldclass capabilities across trucks buses and power trainsI would like to thank everyone who has been involved in this transaction and Im 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 saidHe also recalled Tata Motors longstanding association with Turin saying the companys 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 1990sI would like to give you a story which explains our connect with Turin When our exChairman 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 IdeaAnd 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 saidTata 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 conferenceIn 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 highgrowth markets in Europe India South America Asia the Middle East and Africa and combined revenues of 21 billion euros about Rs 228000 croreWith the acquisition the Italian commercial vehicle manufacturer has become Tata Motors indirect subsidiaryThe acquisition process is continuing with the two companies now embarking on the next phase of integration and joint strategic planningThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever