Mahindra Acquires Majority Stake in SML Isuzu, Set to Rebrand as SML Mahindra
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Mahindra & Mahindra Ltd (M&M) has acquired a 58.96 percent stake in SML Isuzu Ltd (SML) from Japan's Sumitomo Corporation and Isuzu Motors Limited. The acquisition, valued at INR 555 crore at INR 650 per share, was announced on Saturday and is seen as a major step in strengthening M&M's position in the country's commercial vehicle market.
Following the deal, M&M will make a mandatory open offer to purchase up to 26 percent additional stake from public shareholders, in line with the Securities and Exchange Board of India's takeover norms.
As part of the transition, SML's Board of Directors has been restructured. Vinod Sahay, currently President for Aerospace & Defence, Trucks, Buses and Construction Equipment at Mahindra Group, has been appointed Executive Chairman of SML Isuzu with effect from August 3, 2025. Dr Venkat Srinivas will assume the role of Executive Director and Chief Executive Officer from August 1, 2025.
The board has also approved a proposal to rename the company SML Mahindra Limited, subject to necessary regulatory and shareholder approvals.
This acquisition is expected to boost M&M's footprint in the segment for vehicles above 3.5 tonnes, where it currently holds a modest 3 percent share. In the sub-3.5 tonne light commercial vehicle category, M&M commands a 54.2 percent market share. The company aims to double its overall commercial vehicle share to 6 percent in the near term, targeting 10–12 percent by fiscal year 2031 and more than 20 percent by 2036.
Founded in 1983, SML Isuzu is a listed player with a strong presence in intermediate and light commercial vehicles, including a 16 percent share in the ILCV bus segment and an extensive nationwide distribution network.
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