India’s leading commercial vehicle (CV) major Tata Motors Limited and Iveco Group N.V, a leading CV manufacturer having a wide presence across Europe, Latin America and other global markets, have commenced operating as a combined entity, bringing together their CV portfolios, manufacturing operations and technology capabilities across more than 130 countries.
Ranked fourth in the world amongst commercial vehicle manufacturers, the combined enterprise will have a presence across high-growth markets in Europe, India, South America, Asia, the Middle East and Africa, and combined revenues of 21 billion Euro (INR 2,28,000 crore). Further, it will have 27 manufacturing sites and 25 R&D centres, supported by a network of over 9,300 sales and service centres across the globe.
Announcing the start of joint operations and future plans at a global press meet in Turin, Italy, on Tuesday, N Chandrasekaran, Chairman of Tata Sons, Tata Motors and Iveco Group, highlighted that the combined entity will have enormous growth opportunities going forward and that they see volumes increasing over the next five years.
“We see the volumes increasing over the next five years, and we see the revenues significantly increasing, also the margin profile increasing,” said the chairman. The combined sales volumes of the two firms stand at around 590,000 vehicles per annum.
Chandrasekaran also said that the companies were identifying products that could be made in India, opening up opportunities for Iveco in the domestic market. He added that the combined enterprise would focus on long-term investment and the exchange of engineering, technology and operational capabilities between the two organisations.
Tata Motors 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, announced first in July 2025, 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.
Girish Wagh, MD & CEO, Tata Motors, said that together they have a compelling opportunity to create greater value for their customers and stakeholders.
“Our complementary portfolios, capabilities and geographic strengths provide a strong foundation for growth, while ensuring continuity from day one for customers, dealers and partners. Our ambition is to build a stronger enterprise by combining our strengths in engineering, new age technologies, sourcing, distribution and customer networks,” added Wagh.