By Aditi Shah

NEW DELHI, July 31 (Reuters) - Tata Motors' record $4.5 billion offer to buy Iveco's trucks and bus business will expand the commercial vehicle maker's revenues beyond India and give it access to the Italian company's future technologies including electrification.

The all-cash deal marks the biggest transaction for Mumbai-based Tata Motors TAMO.NS, which made its last big purchase in 2008 when it acquired Jaguar Land Rover from Ford Motor Co F.N for $2.3 billion.

Shares of Tata Motors fell as much as 2.4% on Thursday morning, reflecting concerns around possible high levels of debt and equity the truckmaker will need to raise, but recouped those losses and were little changed as of 0826 GMT.

Iveco IVG.MI and Tata's commercial vehicles business will have combined revenues of about 22 billion euros ($25 billion), with half coming from Europe, 35% from India and the remainder from the Americas, the Indian automaker said in a statement to the stock exchanges late on Wednesday.

This is "the next logical step" after Tata Motors' demerger of its three businesses - commercial vehicles, passenger cars and electric vehicles, the company's chairman N Chandrasekaran said in the statement.

"(This) will allow the combined group to compete on a truly global basis with two strategic home markets in India and Europe," he said.

The deal, expected to close by April 2026, will give Tata Motors' trucks and bus business a foothold in the European market, where it will go head-on with Volvo VOLVb.ST and Daimler DTGGe.DE.

Tata already has a manufacturing and sales presence in Europe through Jaguar Land Rover, which has been a cash cow for the company but is increasingly facing pressure in its major markets of China and the United States.

It will also get access to Iveco's future technologies including electrification as well as its talent pool.

(Reporting by Aditi Shah; editing by Philippa Fletcher)

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