Iveco Group has become part of Tata Motors Ltd. following the successful completion of the initial settlement of the voluntary tender offer, Tata Motors said.

The acquisition, led by Tata Group Chairman N. Chandrasekaran, is expected to deepen the group’s presence and enhance its stature in the global market, much like its earlier acquisitions of Tetley, Corus and Jaguar Land Rover under Ratan Tata.

Tata Motors said it had acquired 238,157,212 common shares, representing approximately 89.42% of Iveco Group’s common share capital, net of treasury shares. “As a result, Iveco Group has become part of Tata Motors,” the company said.

The acquisition is valued at approximately $4.32 billion (₹42,561 crore).

The offer was made by TML CV Holdings Pte. Ltd., through its wholly owned subsidiary TML CV Holdings B.V., for all issued common shares of Iveco Group at a cash price of €14.40 per share, inclusive of dividends.

Tata Motors and Iveco Group N.V. jointly announced on Friday (October 30) evening that they had completed the settlement of the common shares tendered during the acceptance period, in accordance with the notice on final results. Settlement of the shares tendered during the reopening of the offer will take place on November 13, 2026.

The composition of Iveco’s board has also changed following the acquisition.

N. Chandrasekaran has been appointed Chairperson and Senior Non-Executive Director of Iveco Group N.V. Olof Persson, an Executive Director, will serve as Chief Executive Officer. Jaguar Land Rover CEO P.B. Balaji and Tata Motors Managing Director and CEO Girish Wagh have been appointed Non-Executive Directors in the capacity of Non-Independent Directors.

From Iveco’s side, Guenter Butschek and Charles Nichols have been appointed Non-Executive Directors in the capacity of Independent Directors.