Mahindra & Mahindra shares in focus after firm to acquire 58.96% in SML Isuzu for over Rs 550 crore
Mahindra & Mahindra (M&M) shares will be in focus on Monday after the company announced it will acquire a 58.96% majority stake in commercial truck and bus maker
SML Isuzu
for Rs 555 crore.
M&M will purchase 63.62 lakh shares of SML from Sumitomo Corporation, one of SML's promoters, at Rs 650 per share, amounting to Rs 413.55 crore. This represents about 43.96% of SML's total shareholding, the company said in a stock exchange filing.
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"The proposed acquisition is a step towards establishing a strong presence in the >3.5T CV segment, where M&M has a 3% market share today, as compared to a 52% market share in the <3.5T LCV segment. M&M's Trucks and Buses Division has made meaningful progress over the past few years. This acquisition will double the market share to 6%, with a plan to increase this to 10 - 12% by FY31 and 20%+ by FY36.," noted the automaker in the filing.
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Dr. Anish Shah, Group CEO and MD of the Mahindra Group, said the acquisition is an important milestone for the company.
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'The acquisition of SML Isuzu marks a significant milestone in the Mahindra Group's vision of achieving 5x growth in our emerging businesses,' he said. 'It fits perfectly with our capital allocation strategy, where we invest in high-potential areas that demonstrate strong performance and clear opportunities to win," he added.
Rajesh Jejurikar, Executive Director and CEO of the Auto and Farm Sector at M&M, said the deal strengthens the company's position in the
commercial vehicles market
.
'This acquisition is a pivotal step toward our ambition of becoming a full-range, formidable player in the commercial vehicle segment. It will help us enhance market coverage, improve operating efficiency by consolidating platforms, unify supplier and dealer networks, and make better use of manufacturing capacity,' he added.
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