Mahindra Completes SML Isuzu Acquisition, Eyes Market Share Boost
Mahindra & Mahindra Ltd. (M&M) has completed a significant acquisition, taking a controlling 58.96% stake in SML Isuzu Ltd. (SML) on August 1, 2025. The deal, worth ₹650 per share, sees Vinod Sahay appointed as the Executive Chairman of SML Isuzu Ltd., effective August 3, 2025, while Venkat Srinivas takes charge as the Executive Director and Chief Executive Officer.
The acquisition involved buying a 43.96% stake from Sumitomo Corporation and a 15% stake from Isuzu Motors Ltd. Upon completion, the company is proposed to be renamed 'SML Mahindra Limited', subject to necessary approvals. Mahindra has also committed to a compulsory open offer to buy up to 26% from public shareholders at ₹1,554.60 per share.
SML Isuzu, with a 16% market share in the intermediate bus segment and FY24 revenue of ₹2,196 crore, is set to bolster Mahindra's commercial vehicle presence. Mahindra aims to double its commercial vehicle share to 6% immediately and reach 10-12% by FY31, with ambitions to surpass 20% by FY36. The acquisition is subject to Competition Commission of India (CCI) clearance by December 31, 2025.
With the acquisition of SML Isuzu Ltd., Mahindra & Mahindra Ltd. strengthens its position in the commercial real estate market. The appointment of Vinod Sahay and Venkat Srinivas signals a new era for the company, as it looks to expand its market share and solidify its presence in the industry.
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