In what comes as a major announcement in the commercial vehicle industry, Tata Motors, one of India’s leading CV player, is set to acquire Europe’s Iveco Group’s CV business for EUR 3.8 billion. The transaction, if approved, is expected to close in the first half of 2026.

The deal once through will create a ‘force majeure’ in the global CV industry, combining Tata Motors’ frugal engineering strength with Iveco Group’s strength in electrification and the alternative energy domain.

The offer, made by Tata Motors CV Holdings (a Tata Motors affiliate), aims to acquire 100 percent of Iveco’s common shares post the separation of Iveco’s defence business. The tender offer price is set at EUR 14.1 per share, with an additional estimated EUR 5.5–6.0 per share dividend to be distributed from the proceeds of the defence business sale.

Exor N.V., Iveco's largest shareholder, has agreed to tender its 27.06 percent stake and support the proposed resolutions at Iveco’s upcoming extraordinary general meeting (EGM). The deal has the unanimous backing of Iveco's board, which has recommended the offer to its shareholders.

The combined group will operate across key markets including Europe (50 percent), India (35 percent) and the Americas (15 percent), with annual sales of approximately 540,000 units and combined revenue of around EUR 22 billion. Tata Motors and Iveco expect the partnership to enhance their ability to invest in zero-emission transport, optimise global supply chains and expand product innovation.

Subject to regulatory approvals and shareholder support, the parties plan to finalise the separation of Iveco’s defence business by March 2026. Should this not occur through a sale, the business will be spun off into a newly listed entity by April 2026 to allow the main offer to proceed.

As part of the understanding, Tata Motors has also committed to a two-year non-financial covenant period post-settlement, including no direct workforce reductions or plant closures and preserving Iveco’s identity, brands and headquarters in Turin, Italy.

Both companies emphasised that the move will establish a globally competitive platform equipped to address shifting mobility trends and create long-term value for stakeholders.

The combined group will be better positioned to invest in and deliver innovative, sustainable mobility solutions by leveraging both supplier networks to serve customers globally. It will also unlock superior growth opportunities and create significant value for all stakeholders in a dynamic marketplace. By preserving each group’s industrial footprint and employee communities, this complementarity is also expected to foster a smooth and successful integration process. It will also enable the capabilities of Iveco Group’s successful powertrain business, FPT, to be further enhanced.

Natarajan Chandrasekaran, Chairman, Tata Motors, said, “This is a logical next step following the demerger of the Tata Motors Commercial Vehicle business and will allow the combined group to compete on a truly global basis with two strategic home markets in India and Europe. The combined group's complementary businesses and greater reach will enhance our ability to invest boldly. I look forward to securing the necessary approvals and concluding the transaction in the coming months.”

Suzanne Heywood, Chair, Iveco Group, said, "We are proud to announce this strategically significant combination, which brings together two businesses with a shared vision for sustainable mobility. Moreover, the reinforced prospects of the new combination are strongly positive in terms of the security of employment and industrial footprint of Iveco Group as a whole.”

Girish Wagh, Executive Director, Tata Motors, said, "This combination is a strategic leap forward in our ambition to build a future-ready commercial vehicle ecosystem. By integrating the strengths of both organisations we are unlocking new avenues for operational excellence, product innovation and customer-centric solutions. This partnership not only enhances our ability to serve diverse mobility needs across markets, but also reinforces our commitment to delivering sustainable transport solutions that are aligned with global megatrends. Together, we are shaping a resilient and agile enterprise, equipped to lead in times of transformative change."

Olof Persson, CEO, Iveco Group, said, “By joining forces with Tata Motors, we are unlocking new potential to further enhance our industrial capabilities, accelerate innovation in zero-emission transport, and expand our reach in key global markets. This combination will allow us to better serve our customers with a broader, more advanced product portfolio and deliver long-term value to all stakeholders.”

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Schmitz Cargobull, a leading European semi-trailer manufacturer, has acquired a 27.5 percent stake in Sub Zero Insulation Technologies (SZIT), a leading producer of refrigerated and dry freight truck bodies in India.

This strategic investment marks a significant step in the German company's global expansion and its entry into India's growing cold chain logistics sector. The agreement includes an option for Schmitz Cargobull to increase its shareholding in the future.

The partnership aims to combine Schmitz Cargobull's engineering expertise with Sub Zero's market presence to deliver advanced transport solutions.

Andreas Schmitz, CEO, Schmitz Cargobull, said, “India’s cold chain sector is evolving rapidly and Sub Zero has demonstrated strong potential to lead this transformation. By combining Schmitz Cargobull’s engineering expertise with Sub Zero’s market reach, we aim to deliver high-quality, efficient transport solutions across India and beyond. This is not just about business growth; it’s about enabling infrastructure that can help reduce the 30-40 percent of perishable produce lost annually due to inadequate cold-chain facilities - losses that also contribute significantly to greenhouse gas emissions.”

Deep Khira, Founder & CEO, Sub Zero, said, “This partnership represents a pivotal moment for Sub Zero and for India’s cold chain ecosystem. With Schmitz Cargobull as our partners, we are entering a new era of quality, technology and international standards. By improving cold-chain efficiency, we can drastically cut wastage, boost farmer incomes, improve food availability and significantly lower the carbon footprint from decomposing perishables. We remain committed to our customers and our mission to deliver best-in-class transport solutions across India and emerging markets.”

Both companies are family-led businesses with a shared focus on innovation and customer-centric values. Sub Zero, founded in 2015, continues the Khira family's legacy in vehicle body building, which dates back to 1949. The company currently produces over 1,500 units annually and is a key supplier for major OEMs like Tata Motors, Mahindra and Ashok Leyland.

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Chartered Speed, a leading player in passenger bus mobility services and Pune-headquartered automaker EKA Mobility have partnered to deploy 1,135 electric buses under the Government of India’s Pradhan Mantri e-Bus Sewa Scheme.

The partners recently secured the Letter of Confirmation of Quantity (LOCQ) for 235 buses, following the earlier confirmation of 900 buses across India. This translates to a total of 1,135 e-buses to be deployed by them under the scheme. They estimate that at full scale, the e-buses will ply over 360,000 passengers daily and generate employment for over 2,500 people.

Chartered Speed is set to procure, operate and maintain the new fleet across four states – 110 buses in Madhya Pradesh, 60 in Odisha, 35 in Chhattisgarh and 30 in Meghalaya.

Sanyam Gandhi, Whole-Time Director, Chartered Speed, said, “Chartered Speed’s vision is to transform everyday travel through clean, efficient and inclusive public transport. This allocation under the PM e-Bus Sewa Scheme, along with our partnership with EKA Mobility, is a significant step in that direction. It reflects our commitment to creating reliable mobility solutions that ease commuting, support local communities, and contribute to India’s green mobility mission.”

Rohit Srivastava, Business Head & Chief Growth Officer, EKA Mobility, said, “EKA Mobility’s mission has always been to make clean, safe, and efficient mobility accessible to all. Through the PM e-Bus Sewa Scheme and our collaboration with Chartered Speed, we are proud to deploy 1,135 electric buses that will serve lakhs of citizens every day. Every bus we put on the road is a step towards reimagining India’s cities making them smarter, greener, and more people centric.

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Chennai-headquartered commercial vehicle major Ashok Leyland has reported its record performance in Q1 FY2026, with highest ever Q1 wholesales at 44,238 units and Q1 revenue of INR 87.25 billion.

Furthermore, the company also reported its highest EBITDA at INR 9.7 billion, up 6.47 percent YoY and profit after tax of INR 5.94 billion, 13 percent YoY. The company shared that it was able to grow M&HCV volumes by 2 percent, which enabled it to increase its market share from 28.9 percent to 30.7 percent in Q1 FY2026. This was despite the domestic M&HCV segment remaining flat.

Its M&HCV Bus TIV (excluding EVs) grew by 5 percent, thus further strengthening its domestic market leadership position in the MHCV bus segment. 

In the LCV segment, the company witnessed its highest-ever quarterly sales at 15,566 units, while exports at 3,011 units grew by 29 percent YoY.

Dheeraj Hinduja, Chairman, Ashok Leyland, said, “Ashok Leyland has delivered a robust Q1 performance, exceeding the expectations through effective market execution while maintaining rigorous cost management. Our electric mobility subsidiary, Switch Mobility, continues to gain good traction and has achieved positive EBITDA. We are redoubling our efforts in the international markets and Defence business. Reinforcing our product superiority and strong customer orientation, we are sharpening our focus to play a pivotal role in our industry.”

Shenu Agarwal, Managing Director & CEO, Ashok Leyland, added, “We are happy to report simultaneous increases in market share and operating margins. This reinforces our strategy to deliver profitable growth through superior products and best-in-class customer service. Our focus on growing our non-CV portfolio is also helping us deliver record performances in many quarters in a row. Our priority remains achieving mid-teen EBITDA margins in the medium term, while advancing our commitment to future-ready technologies.”

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Montra Electric’s Small Commercial Vehicles (e-SCV), part of the Chennai-headquartered Murugappa Group, has opened its newest dealership in Coimbatore.

The facility operated by TVS Vehicle Mobility Solution will retail EViator, Montra Electric’s e-SCV, designed for intercity logistics, market load operations and cargo movement.

Saju Nair, CEO, TIVOLT Electric Vehicles (e-SCV division of Montra Electric) and Madhu Raghunath, CEO, TVS Vehicle Mobility Solution inaugurated the facility.

“As a brand proudly rooted in Tamil Nadu, it gives us immense pride to enter Coimbatore with our first dedicated e-SCV dealership in the city. Coimbatore is known for its entrepreneurial zeal and robust industrial base. With this launch, we aim to support the city’s logistics ecosystem with cleaner, smarter commercial mobility solutions. Our partnership with TVS Vehicle Mobility Solution reflects a shared commitment to delivering future-ready, high-performance electric vehicles tailored for the evolving needs of local businesses and fleet operators,” said Nair.

Raghunath, added, “We are excited to partner with Montra Electric to introduce the EViator to Coimbatore. The city’s logistics and transportation sectors are ready for a green shift, and the EViator delivers on all fronts- performance, durability, and total cost advantage. With this collaboration, we are committed to ensuring a seamless and dependable ownership experience for fleet owners and commercial users alike."

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