Tata Motors Limited has completed the initial settlement of the recommended tender offer for Iveco Group N.V. through its indirect wholly owned subsidiary TML CV Holdings B.V. The disclosure is made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

Acquisition Details

  • Completion Date: October 30, 2026
  • Acquiring Entity: TML CV Holdings B.V. (indirect wholly owned subsidiary of Tata Motors)
  • Target Company: Iveco Group N.V. (EXM: IVG)
  • Stake Acquired: 89.42% equity stake
  • Shares Acquired: 238,157,212 Common Shares
  • Purchase Price: €14.4 per share (cum dividend)
  • Consideration Type: Cash consideration
  • Result: Iveco Group has become an indirect subsidiary of Tata Motors

Target Company Profile

Iveco Group N.V. is a global automotive company headquartered in Amsterdam, Netherlands, founded in 1975 (date of incorporation: June 16, 2021). The company operates in commercial vehicles and automotive technology with five brands: IVECO (commercial vehicles), FPT (powertrain technologies), IVECO BUS and HEULIEZ (bus and coach solutions), and IVECO CAPITAL (financing arm).

Financial Metrics:

  • Authorized Share Capital (as of June 30, 2026): ~₹85 Crore (€8 Million)
  • Revenue from Operations (CY25): ~₹1,42,471 Crore (€13,428 Million)
  • Revenue from Operations (CY24): ~₹1,52,964 Crore (€14,417 Million)
  • Revenue from Operations (CY23): ~₹1,69,527 Crore (€15,978 Million) - includes defense business revenue not part of current transaction
  • Employee Count: 33,000 people
  • Operations: 16 industrial sites and 22 R&D centers

Exchange Rate Used: 1 Euro = 106.1 INR (closing rate on October 29, 2026)

Transaction Characteristics

  • Industry: Commercial Vehicles
  • Related Party Transaction: No
  • Promoter/Group Interest: None
  • Business Overlap: Substantially no overlap in industrial and geographic footprints
  • Strategic Rationale: Brings together two businesses with highly complementary product portfolios and capabilities, creating a stronger, more diversified entity with significant global presence

Regulatory Approvals

Governmental and regulatory approvals required for the acquisition were detailed in the company's press release dated September 1, 2026, and in Section A.12 of the Offer Document published on the company website.

Post-Acquisition Governance Changes

New Iveco Group Board Composition:

  • N. Chandrasekaran - Non-Executive Director, Chairperson and Senior Non-Executive Director
  • Olof Persson - Executive Director, Chief Executive Officer
  • P. B. Balaji - Non-Executive Director, Non-Independent Director A
  • Girish Wagh - Non-Executive Director, Non-Independent Director A
  • Guenter Butschek - Non-Executive Director, Independent Director B
  • Charles Nichols - Non-Executive Director, Independent Director B

Board Committee Composition:

  • Audit Committee: Charles Nichols (Chair), P. B. Balaji, Guenter Butschek
  • Compensation Committee: Guenter Butschek (Chair), P. B. Balaji, Charles Nichols
  • ESG Committee: Girish Wagh (Chair), Guenter Butschek

Corporate Actions:

  • All Special Voting Shares repurchased for no consideration following authorization from Extraordinary General Meeting on October 16, 2026
  • Amended corporate governance documents implemented
  • Q3 2026 financial results disclosure moved forward to November 3, 2026 (from previously communicated November 5, 2026)

Offer Process Details

The voluntary tender offer was promoted by TML CV Holdings Pte. Ltd. through TML CV Holdings B.V. The offer process included:

  • Offer Document published: September 4, 2026
  • Amendment notice published: October 9, 2026
  • Notice on Final Results published: October 27, 2026
  • Acceptance Period reopening: November 2-6, 2026
  • Next settlement date: November 13, 2026 (for shares tendered during reopening period)

Additional Information

The disclosure includes reference to the Offer Document available at: https://cv.tatamotors.com/assets/cv/files/investors/TML+CV+Holdings+B.V.+-+Offer+Document+(ENG).pdf

The transaction represents a significant expansion of Tata Motors' global commercial vehicle presence through the acquisition of a established European automotive manufacturer with diverse product portfolio and international operations.