India's Tata Motors will buy Iveco in a deal valued at 3.8 billion euros ($4.36 billion), the companies said on Wednesday, after the Italian truckmaker separately agreed to sell its defence business to Leonardo.

Tata Motors acquires Iveco Group for $4.5 billion, creating a global commercial vehicle powerhouse with combined revenue of ₹2,20,000 crore.

Tata Motors is set to acquire Iveco Group. After the transaction, Iveco will retain its workforce as well as its headquarters in Turin, Italy