Tata Motors buys nearly 90% of Iveco, plans India assembly
Business
Tata Motors just bought nearly 90% of Italy's Iveco Group for about €3.43 billion, and now plans to start building some of Iveco's commercial vehicles right here in India.
The big announcement came from Tata Sons chairman N Chandrasekaran at a press conference in Turin.
N Chandrasekaran to chair Iveco board
This move is all about combining strengths: Tata gets access to new tech and products, while Iveco can reach more customers in India.
Together, they're aiming for over €22 billion in yearly revenue and plan to roll out around 600,000 vehicles each year.
Leadership is changing too: Chandrasekaran will chair the board at Iveco, with other Tata executives joining him.
Meanwhile, Tata is working on taking Iveco private, but the company will still call Turin home.