Mahindra acquires controlling stake in SML Isuzu, rebrands it as SML Mahindra
SML Isuzu
Ltd. from Sumitomo Corporation and Isuzu Motors, marking a significant move to strengthen its presence in the commercial vehicle (CV) segment.
Following this acquisition, M&M will initiate a mandatory open offer to acquire up to 26 per cent from public shareholders, as per SEBI regulations. The deal was struck at ₹650 per share, with M&M investing ₹555 crore in total.
Consequent to the deal, SML Isuzu's Board has been reconstituted. Vinod Sahay, President – Aerospace & Defence, Trucks, Buses & Construction Equipment at
Mahindra Group
, has been appointed Executive Chairman of SML Isuzu. Dr. Venkat Srinivas has taken over as Executive Director and CEO of the company, effective August 1, 2025.
Rebranding and future plans
The Board has also approved a proposal to rename the company to
SML Mahindra Limited
, pending regulatory approvals.
M&M aims to more than double its market share in the medium and heavy CV segment—from the current 3 per cent to 6 per cent post-acquisition, and further to 10-12 per cent by FY31 and over 20 per cent by FY36. This aligns with its strategy to complement its strong 54.2 per cent share in the sub-3.5T LCV market.
SML Isuzu, established in 1983, holds a strong position in the intermediate and light commercial vehicle (ILCV) bus market, commanding around 16 per cent share. The partnership with Mahindra is expected to unlock new synergies, leveraging Mahindra's scale and SML's strong dealer network and legacy.
The leadership team brings deep expertise to steer the company through this transition. Sahay, a veteran of the Mahindra Group and formerly with Tata Motors, has held multiple leadership roles in commercial vehicles and defence. Dr. Srinivas, a seasoned R&D leader, has been instrumental in developing Mahindra's key CV platforms like Blazo, Furio, and Zeo EV.
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