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 .

Once completed, the acquisition will give Tata Motors access not only to new products, platforms, and manufacturing facilities but also to a well-established sales and after-sales network

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