V. in an exchange filing on Saturday, September 5. , Morgan Stanley Senior Funding, Inc.

and MUFG Bank, Ltd. Exor, the Agnelli family-owned investment company and Iveco’s largest shareholder, has also irrevocably committed to support the transaction. The tender offer will open on Monday, September 7, while Iveco shareholders are scheduled to vote on the matter in October.

Girish Wagh, Managing Director and CEO of Tata Motors, said the commencement of the tender offer marked an important milestone in bringing together two complementary organisations.

Wagh also said Tata Motors had immense respect for Iveco’s heritage, people and brands, and looked forward to supporting the company’s continued growth.

Tata Motors August salesThe move comes after Tata Motors reported a strong rise in commercial vehicle sales in August.

Tata Motors’ international commercial vehicle business recorded an even sharper increase during the month, with sales jumping 227% year-on-year to 7,792 units from 2,382 units a year earlier. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own.