Mahindra & Mahindra Ltd. (M&M) has completed the acquisition of a 58.96% controlling stake in SML Isuzu Ltd. from Japan’s Sumitomo Corporation and Isuzu Motors Limited. The transaction, valued at ₹555 crore at ₹650 per share, also triggers a mandatory open offer for up to 26% of SML’s equity from public shareholders under SEBI Takeover Regulations.
This acquisition marks a significant step in M&M’s strategy to strengthen its position in the >3.5T commercial vehicle (CV) segment, where its market share currently stands at 3%, compared to a dominant 54.2% in the sub-3.5T light commercial vehicle segment. With this deal, M&M aims to double its share in the heavier CV segment to 6% immediately, with ambitions to scale to 10-12% by FY31 and over 20% by FY36.
Following the acquisition, the company has been renamed ‘SML Mahindra Limited’, subject to necessary regulatory and shareholder approvals.
Mahindra has appointed Vinod Sahay, President – Aerospace & Defence, Trucks, Buses & Construction Equipment, as Executive Chairman of SML effective August 3, 2025. Venkat Srinivas, who heads Mahindra Truck & Bus and Construction Equipment, has been named Executive Director & CEO, effective August 1.
Founded in 1983, SML holds a strong position in the Intermediate and Light Commercial Vehicle (ILCV) bus segment with a 16% market share and a pan-India presence. Mahindra sees this as a strategic expansion, building on meaningful progress by its Trucks and Buses Division over the past few years.
