Torino, Mumbai, February 14, 2007
Iveco, a company of Fiat Group, and Tata Motors announced today the signing of a Memorandum of Understanding (MoU) to analyse the feasibility of cooperation, across markets, in the area of Commercial Vehicles. The MoU would encompass a number of potential developments in engineering, manufacturing, sourcing and distribution of products, aggregates and components.
Shortly after the MoU signature, Iveco and Tata Motors will set up a joint Steering Committee to determine the feasibility of cooperation, both in the short and over the long term. When found feasible, the two companies will enter into definitive agreements in the course of the coming months.
In a statement Mr. Paolo Monferino, CEO of Iveco, said “The possible strategic cooperative agreement with Tata Motors represents a new step in our strategy leveraging on excellent partnerships of Fiat Group across the automotive value chain. We are devoting great efforts and resources to explore this cooperation opportunity, on our way to change and expand Iveco in the next years.”
The Managing Director of Tata Motors, Mr. Ravi Kant, said, “We are truly excited about the potential of the opportunities this cooperation offers, complementing each other’s strengths in products and across markets.”