Tata Motors announced on Wednesday that its board has approved the acquisition of Italian firm Iveco Group NV in a deal valued at approximately €3.8 billion (around Rs 38,240 crore).
According to a regulatory filing, the executive committee of Tata Motors’ board has cleared a proposal to acquire 100% of Iveco Group NV’s common shares through an all-cash voluntary tender offer, excluding its defence business.
The transaction involves the purchase of 271,215,400 common shares and is subject to all necessary regulatory, statutory, and other required approvals, the Mumbai-based auto major said.