Mahindra Completes 59% Acquisition of SML Isuzu, Appoints New Chair

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, investing ₹555 crore at ₹650 per share. This acquisition is a strategic move to strengthen M&M's presence in the >3.5-tonne commercial vehicle segment, where it currently holds a 3% market share, aiming to double it immediately and grow further to over 20% by 2036. Following the acquisition, M&M plans to launch a mandatory open offer to acquire up to an additional 26% stake from public shareholders, in line with SEBI regulations. SML Isuzu will be renamed 'SML Mahindra Limited,' pending regulatory approvals, reflecting the new ownership and direction. Key leadership changes include the appointment of Vinod Sahay as Executive Chairman and Venkat Srinivas as Executive Director and CEO, effective in early August 2025. Established in 1983, SML has a strong foothold in the Intermediate and Light Commercial Vehicle bus segment with a 16% market share, and the acquisition builds on M&M's recent progress in trucks and buses.