Turin, Italy (CI Ukraine) — Tata Sons Chairman Natarajan Chandrasekaran told Capitol Intelligence Group that the Indian conglomerate has no plans to acquire a stake in the U.S.-Italian automotive group Stellantis.

Speaking exclusively to Capitol Intel after a news conference formalizing Tata’s acquisition of the Italian Iveco Group, Chandrasekaran said Tata had no interest in buying a stake in Stellantis, despite its historic ties with Fiat. Tata’s patriarch Ratan Tata previously served on Fiat’s board.

During the conference, Chandrasekaran thanked Stellantis Chairman and owner John Elkann for facilitating the sale of Iveco to Tata.

Tata Motors CEO Girish Wagh noted that Turin and Fiat had played an important role in helping Tata produce its first automobiles in India during the 1990s.

Separately, Iveco CEO Olof Persson said the company does not plan to significantly expand its presence in Ukraine, unlike its Swedish competitors Volvo Trucks and Scania.

By PK Semler in Turin, Italy.