The Iveco Group, a European leader in commercial vehicles and mobility, and Tata Motors Limited, a global automotive leader, have announced that they have reached an agreement to create a new commercial vehicles group, which they say will have the reach, product portfolio and industrial capability to be a global champion in this dynamic sector.

The envisaged recommended voluntary tender offer will be made by TML CV Holdings PTE LTD or a new limited liability company to be incorporated under Dutch law, which will be wholly owned by Tata Motors. The completion of the offer is conditional, on the separation of Iveco's defence business and, as such, the public offer is for all issued common shares of Iveco Group after the separation of that business. The Offer represents a total value of approximately EUR 3.8 billion for Iveco Group, excluding Iveco's defence business. 

The two companies say that the combination brings together complementary capabilities, global reach, and a shared strategic vision to drive long-term growth and unlock significant value. 

Iveco will be added to other Tata subsidiaries which include;: Jaguar Land Rover, Tata Daewoo. Tata Motors as well as  joint ventures with Hitachi and Stellantis.