Tata Motors has taken control of Italian commercial-vehicle maker Iveco after acquiring an 89.42 per cent stake for approximately €3.43 bn, or Rs. 363.87 bn. The transaction gives India’s largest commercial-vehicle manufacturer control of a European business with annual revenue of Rs. 1.42 tn, while shifting attention to integration, cash-flow generation and repayment of acquisition debt. TML CV Holdings B.V., Tata Motors’ indirect wholly owned subsidiary, acquired 238.16 mn common shares at €14.40 apiece. The holding represents 89.42 per cent of Iveco’s common share capital, excluding treasury shares, making Iveco an indirect subsidiary of Tata Motors. N. Chandrasekaran, Chairman of Tata Sons, has become Iveco’s non-executive chairperson and senior non-executive director, while Olof Persson remains chief executive. Iveco reported calendar-year 2025 revenue of €13.43 bn, down 6.9 per cent from the previous year. It employs 33,000 people across 16 industrial sites and 22 research and development centres. Its trucks, buses, FPT powertrain technologies and vehicle-financing operations will join Tata Motors’ commercial-vehicle business, while its defence operations, sold separately to Leonardo, are excluded. The companies estimated combined annual revenue of approximately €21 bn and vehicle sales exceeding 590,000 units. Europe accounts for about 46 per cent of the combined revenue base, India 32 per cent and South America 8 per cent. Tata expects benefits from complementary product portfolios, geographical reach, technology investments, distribution networks and procurement, with annual free-cash-flow synergies targeted at up to 0.5 per cent of combined revenue from FY28. The acquisition will also test Tata’s ability to manage domestic cost pressures while integrating a larger international business. The offer will reopen from November 2 to 6, with settlement scheduled for November 13. Tata has not finalised the route to full ownership and delisting, with options including a voluntary purchase procedure, a Dutch legal squeeze-out or a post-offer demerger and liquidation.