Mahindra & Mahindra (M&M) has officially acquired a 58.96% controlling stake in commercial vehicle manufacturer SML Isuzu Ltd, and rebranded the company as SML Mahindra Ltd (SML). The company has also overhauled the board, appointing Mahindra veteran Vinod Sahay as Executive Chairman, effective August 3. Venkat Srinivas has taken over as Executive Director and CEO as of August 1.
Mr Sahay will continue in his existing role as President for Aerospace & Defence, Trucks, Buses, and Construction Equipment at Mahindra Group. Mr Srinivas, meanwhile, will remain the Business Head for Mahindra Truck & Bus and Construction Equipment alongside his new responsibilities at SML Mahindra.
This move follows a share purchase agreement announced in April, under which M&M acquired the stake from Japan’s Sumitomo Corporation and Isuzu Motors Ltd for ₹555 crore. M&M had also committed to launching a mandatory open offer for an additional 26% stake from public shareholders, in line with SEBI’s takeover rules. The acquisition received approval from the Competition Commission of India in June.
M&M said the rebranding and leadership changes mark a significant step in its strategy to strengthen its foothold in the 3.5-tonne commercial vehicle segment, where it currently holds a 3% market share. The company aims to double this to 6% immediately following the acquisition, and is targeting 10–12% by FY31 and over 20% by FY36. Established in 1983, SML has a pan-India network and a strong position in the intermediate and light commercial bus segment, where it holds around 16% market share.
Established in 1945, the Mahindra Group is a leading global federation of companies, employing over 260,000 people across more than 100 countries. In India, it holds strong leadership positions in farm equipment, utility SUVs, information technology, and financial services, and is recognized as the world’s largest tractor manufacturer by volume. The Group also has a significant footprint in sectors such as renewable energy, agriculture, logistics, hospitality, and real estate.
Mahindra is committed to global leadership in environmental, social, and governance (ESG) practices, with a focus on promoting rural prosperity and improving urban living. Its mission is to create lasting, positive impact for communities and stakeholders, empowering them to progress and thrive.
