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

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