Mahindra Takes Control Of SML Isuzu

Dubai (PlantAndEquipment.com) - Mahindra & Mahindra (M&M) has acquired a 58.96% stake in SML Isuzu from Japan’s Sumitomo Corporation and Isuzu Motors for INR 555 crore. The deal, signed in April 2025 at INR 650 per share, also includes a mandatory open offer for an additional 26% stake from public shareholders.

Following the acquisition, SML's board has been restructured. Vinod Sahay, a senior Mahindra executive, has been appointed Executive Chairman of the company, while Dr. Venkat Srinivas takes over as CEO. Both will continue to hold leadership roles within Mahindra’s Truck, Bus, and Construction Equipment divisions.

The board has also approved a proposed name change to SML Mahindra Limited, pending necessary approvals.

Founded in 1983, SML is known for its strong presence in the ILCV bus segment, where it holds a 16% market share. The acquisition marks a key expansion for Mahindra in the commercial vehicle space above 3.5 tonnes, where it currently holds a 3% market share. The company aims to grow this to 10–12% by FY31 and beyond 20% by FY36.