&w=3840&q=100)
CCI okays Mahindra's proposal to buy 59% stake in SML Isuzu for ₹555 cr
The Competition Commission of India (CCI) on Tuesday cleared Mahindra & Mahindra's proposed acquisition of a nearly 59 per cent stake in commercial vehicle maker SML Isuzu for Rs 555 crore.
Mahindra & Mahindra in April announced the acquisition of a 58.96 per cent stake in SML Isuzu for Rs 555 crore.
"The proposed combination relates to acquisition of SML Isuzu Ltd (Target) by Mahindra and Mahindra Limited (acquirer)," CCI said in a release.
Mahindra & Mahindra is the flagship company of the Mahindra group. It is engaged in the automotive, farm equipment, agricultural products and services sector, etc.
"CCI approves the proposed combination involving acquisition of SML Isuzu Ltd by Mahindra and Mahindra Ltd," the regulator said in a post on X.
In April, the Mumbai-based automaker Mahindra & Mahindra said it would acquire the entire stake of 43.96 per cent held by Sumitomo Corporation, promoter of SML, and separately acquire a 15 per cent stake held by Isuzu Motors, public shareholder of SML, for an aggregate consideration of Rs 555 crore.
Besides, the automaker said that it will make an open offer to acquire a 26 per cent stake in SML Isuzu in accordance with Sebi takeover rules.
This acquisition is aligned with the company's capital allocation strategy for investing in high-potential growth areas which have a strong right to win and have demonstrated operational excellence.
Incorporated in 1983, SML Isuzu has a presence in the trucks and buses segment.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
22 minutes ago
- Time of India
Moong & urad to be procured at MSP in state, says CM Yadav
Bhopal: The state govt has decided to procure moong and urad at minimum support price (MSP) in the interest of farmers. Moong will be procured at Rs 8,682 per quintal in 36 moong-producing districts, while urad will be procured at Rs 7,400 per quintal in 13 urad-producing districts, announced chief minister Mohan Yadav on Tuesday. Farmers can register for procurement from June 19 to July 6, and procurement will take place from July 7 to Aug 6. Chief minister Yadav shared this information while addressing his ministerial colleagues ahead of the cabinet meeting held at Mantralaya. He also stated that several initiatives are underway in the state to promote investment. As part of this, a major wellness-focused event was recently organised in Ujjain on the occasion of Ganga Dashami. Continuing in this direction, a summit focused on regional industries and employment will be held in Ratlam on MSME Day (June 27), and a national interactive session on MSME will be organised in Ludhiana on July 7. Yadav informed that the inauguration of first phase of Bhopal Metro is scheduled for Sept. A request will be made to Prime minister Narendra Modi to inaugurate the Metro. On the occasion of Raksha Bandhan, Ladli Behna beneficiaries will receive an additional payment of Rs 250. Highlighting the significance of International Yoga Day, which is around the corner, Yadav said: This year marks completion of a decade of the event. A 'Yoga Sangam' programme will be organised on June 21 to mark the event. Efforts will be made to set a national record by organising yoga programmes across the maximum number of urban bodies, wards, and panchayats in the state. The chief minister also noted that Madhya Pradesh witnessed a 19.6% increase in tourism within a year. In 2024, a total of 13.41 crore tourists visited the state, which is 19.6% higher compared to 2023. This included 1.67 lakh foreign tourists. He remarked that Madhya Pradesh is rapidly emerging as a leading state in tourism. He directed the ministers to review welfare schemes being run by their respective departments and to share suggestions to make these initiatives more effective.
Time of India
22 minutes ago
- Time of India
Delays in Goa road projects could cost Centre crores
Panaji: Over the past few years, bridge and road projects worth over Rs 14,000 crore have been funded by the Union ministry of road transport and highways in Goa. However, some of these infrastructure projects could soon cause losses to the ministry running into hundreds of crores. Contractors of three major projects have already gone in for arbitration in three separate cases, claiming that losses of Rs 300 to Rs 500 crore each have been caused to them due to delay in the projects, sources said. The contractors have said that the delays in the project execution occurred because Goa govt was unable to complete land acquisition for the road or bridge works within the required time. 'Three separate cases are already in the process of arbitration for road and bridge stretches in Cortalim, Mormugao, and Salcete. A fourth contractor is also in the process of taking the same route for work carried out in Pernem. The contractors have said that delays in land acquisition and changes to scope of work caused due to protests have caused them losses of around Rs 400 crore each,' said the source. The contractors have said that their machinery lying idle due to the delay in the works are some of the causes for the losses to them. 'Three of the cases are in advanced stages of arbitration, and if the matter does not go in favour of the govt, then the ministry in two of the cases and Goa govt in one of the cases will have to pay a heavy amount in settlement,' said the source. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Don't Bother With An Expensive Will (Do This Instead) Local Will Finder Undo The Arbitration and Conciliation Act, 1996, allows for a streamlined system for resolving disputes outside of traditional court proceedings. 'The Act recognizes the parties' autonomy to determine the procedure for arbitration and conciliation. They agree on the terms and conditions of their dispute resolution process. Each party appoints their own arbitrator and there is a chief arbitrator, who could be a retired judge, etc,' said a source. He said that although govt has placed its say that the Covid pandemic and other factors outside its control were also causes for the delay, usually these cases do end in the party having to cough up a settlement amount as per the arbitral award. 'As three of the four projects that have gone for arbitration were tendered by the ministry, the ministry will become liable to pay the amount as per the award,' said the source.
Time of India
22 minutes ago
- Time of India
HC Plea Seeks Resumption Of Non-Parking Works At Deekshabhoomi
Nagpur: Amid a state-imposed stay on the controversial underground parking project at Deekshabhoomi, a fresh plea was filed in Nagpur bench of Bombay high court urging the govt to resume other halted works unrelated to the parking structure. The application was submitted during the hearing of a pending PIL concerning Deekshabhoomi's overall development. Advocate Shailesh Narnaware argued that while the parking component remains contested, several crucial elements of the master plan were also stalled unnecessarily. "Only the parking facility has been stayed. The govt must proceed with other planned works by holding cabinet meetings, completing procedural approvals, and releasing necessary funds," he urged. The plea also sheds light for the first time on a previously undisclosed land-use proposal. According to documents now on record, the master plan developed by Noida-based Design Associates Incorporated was based on a total of 37.84 acres. This includes the existing 22.80 acres with Deekshabhoomi, along with 11 acres from the health department and 3.84 acres from the Cotton Research Institute. Nagpur Improvement Trust (NIT) has been identified as the implementing agency. A Deekshabhoomi Smarak Samiti member earlier wrote to the district collector seeking formal transfer of the additional land and administrative approval for the Rs325.86 crore master plan. The court is expected to consider the plea in upcoming hearings.
