Mumbai: Mahindra & Mahindra Ltd. (M&M) pursuant to the share purchase agreements dated 26th April 2025, have acquired 58.96% stake in SML Isuzu Ltd. (SML) from Sumitomo Corporation, Japan and Isuzu Motors Limited, Japan.
As part of the transaction, M&M would also launch a mandatory open offer for acquisition of up to 26% stake from eligible public shareholders of SML in accordance with the SEBI Takeover Regulations. Consequent to the above, the Board of Directors of SML has been reconstituted.
The board of Directors of SML has appointed Mr. Vinod Sahay, President – Aerospace & Defence, Trucks, Buses & CE – Mahindra Group, as Executive Chairman of SML Isuzu, effective August 3, 2025.
Dr. Venkat Srinivas has been appointed as the Executive Director & Chief Executive Officer of SML Isuzu Ltd., effective August 01, 2025.
The Board of Directors of SML has also approved a change in the name of the company to ‘SML Mahindra Limited’– subject to approvals from RoC, Central
Registration Centre, MCA and shareholders of the Company or any other authority as may be necessary.
In April 2025, M&M entered into an agreement to acquire a 58.96% equity stake in SML at INR 650 per share, representing a total investment of INR 555 crore. It is big a step for M&M towards establishing a strong presence in the >3.5T CV segment, where the company has a 3% market share presently, as compared to a 54.2% market share in the Sub-3.5 tonne 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.
SML, established in 1983, is a listed company with well-recognized brands, strong heritage and pan-India presence in the ‘Trucks & Buses ‘segment. The company has a market leading position in the ‘ILCV [Intermediate and Light Commercial Vehicles] Buses segment, ‘with around 16% market share.
Mr. Vinod Sahay is a member of the Group Executive Board of Mahindra Group. In addition to his new role in SML Isuzu Ltd, he will continue to serve as President – Aerospace & Defence, Trucks, Buses and Construction Equipment sector of Mahindra group. He brings 27 years of extensive business leadership experience in Automotive, SML Isuzu Ltd. to be renamed as ‘SML Mahindra Limited, ‘subject to
Regulatory approvals.
