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International Business Times

Business

Tata Motors To Buy Italy's Iveco For $4.4 Bn

Iveco Tata Motors TATA Italy Iveco Group Leonardo India

Truck and car maker Tata Motors will buy Iveco of Italy (Credit: AFP)

Tata Motors of India will buy Italy's Iveco Group for 3.8 billion euros ($4.4 billion) in a bid to create a "global champion" in the commercial vehicles sector, the two companies said Wednesday.

The deal excludes Iveco's defence division for armoured vehicles, which is to be sold to Italian defence and aerospace group Leonardo, in a 1.7-billion-euro deal announced earlier Wednesday.

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