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

JLR owner Tata Motors will acquire Italian truck manufacturer Iveco Group in a £3.3bn deal. Prior to the agreement, Iveco Group sold its defence division to Italian defence group Leonardo for £1.5bn.