Tata Motors' CFO Appointed as Jaguar Land Rover CEO, Company to Raise €1 Billion for Iveco Deal

Tata Motors has named P B Balaji as the new CEO of Jaguar Land Rover, replacing Adrian Mardell who stepped down. The company plans to raise €1 billion in equity to fund its acquisition of Iveco. Mahindra, a rival Indian automaker, reported a 20% jump in SUV sales to dealers in July.

Tata Motors has appointed P B Balaji as the new CEO of Jaguar Land Rover, replacing Adrian Mardell who stepped down after three years. The appointment, effective November, comes as Tata Motors plans to raise €1 billion in equity to fund its acquisition of Iveco [1]. The move is part of Tata Motors' broader strategy to strengthen its position in the European truck market.

Balaji, who has been the group chief financial officer of Tata Motors since late 2017, will now lead Jaguar Land Rover. The appointment follows a series of strategic moves by Tata Motors, including the acquisition of Iveco, which is expected to make the combined entity the world's fourth-largest truck manufacturer by volume [3].

The acquisition of Iveco, valued at €3.8 billion, is set to be funded through a mix of rights issue, equity, and monetization of Tata Motors' 4.7% stake in Tata Capital. Balaji expects to raise approximately €1 billion through these means, with the remainder to be serviced through debt, which will be repaid over four years from strong free cash flows [3].

Meanwhile, Mahindra & Mahindra, a rival Indian automaker, reported a 20% year-on-year jump in SUV sales to dealers in July. The increase was driven by strong demand for newer models and electric SUVs, while competitors struggled [5].

The appointment of Balaji and the Iveco acquisition are part of Tata Motors' broader strategy to expand its international business, which has been outperforming its domestic business in both the passenger and commercial vehicle categories [3]. The company expects to close the Iveco acquisition by April 2026, subject to regulatory approvals.

References:
[1] https://www.reuters.com/sustainability/boards-policy-regulation/jaguar-land-rover-names-tata-motors-cfo-top-boss-2025-08-04/
[2] https://www.reuters.com/sustainability/boards-policy-regulation/jaguar-land-rover-names-p-b-balaji-ceo-indias-tata-motors-says-2025-08-04/
[3] https://www.outlookbusiness.com/corporate/tata-motors-iveco-deal-heres-how-the-automaker-plans-to-fund-38-bn-acquisition-deal
[4] https://www.marketscreener.com/news/press-digest-financial-times-august-5-ce7c5edbd881ff27
[5] https://www.reuters.com/world/india/indias-mahindra-logs-20-jump-suv-sales-dealers-rivals-post-declines-2025-08-01/