Mahindra Completes SML Isuzu Acquisition, Aims to Double CV Market Share
Mahindra & Mahindra Ltd. (M&M) has completed its acquisition of a controlling stake in SML Isuzu Ltd. (SML), appointing Vinod Sahay and Venkat Srinivas as key executives. The transaction, conducted under share purchase agreements dated April 26, 2025, was finalized on August 1, 2025.
Following the acquisition, SML Isuzu's name is set to change to 'SML Mahindra Limited', subject to necessary approvals. Mahindra, now the new promoter of SML Isuzu, aims to double its commercial vehicle share to 6% in the short term, with long-term targets of 10-12% by FY31 and over 20% by FY36.
Vinod Sahay has been appointed as the Executive Chairman, with Venkat Srinivas taking charge as the Executive Director and Chief Executive Officer. Ambareesh Baliga will succeed Sahay as Executive Chairman starting from August 3, 2025. The acquisition, subject to Competition Commission of India (CCI) clearance by December 31, 2025, provides Mahindra access to SML's Punjab-based manufacturing plant, expanded dealer and service centre reach, and a complementary product portfolio.
Mahindra's acquisition of SML Isuzu is expected to strengthen its position in the commercial vehicle market. With the appointment of new executives and the integration of SML's assets, Mahindra is poised to achieve its ambitious share targets.
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