Mahindra & Mahindra’s Acquisition of SML Isuzu

Mahindra & Mahindra (M&M) has completed the acquisition of a 58.96% controlling stake in SML Isuzu Ltd. from Sumitomo Corporation and Isuzu Motors Limited for ₹555 crore at ₹650 per share. The deal triggers a mandatory open offer for up to 26% of SML’s equity, subject to SEBI regulations. The company will be rebranded as SML Mahindra Limited, pending approvals. This move is part of M&M’s strategy to expand in the >3.5T commercial vehicle segment, where it currently holds a 3% market share. The acquisition aims to double its share to 6% immediately, with targets of 10–12% by FY31 and over 20% by FY36. Vinod Sahay has been appointed Executive Chairman, while Venkat Srinivas will serve as Executive Director & CEO, effective August 3, 2025. SML, founded in 1983, holds a 16% share in India’s ILCV bus segment and has a strong pan-India footprint. The acquisition strengthens M&M’s presence in the heavy CV space, complementing its dominant position in the sub-3.5T segment, and marks a major step toward building a comprehensive commercial vehicle portfolio.