New Delhi [India], August 2 (ANI): Mahindra & Mahindra Ltd. (M&M) have acquired 58.96 per cent stake in SML Isuzu Ltd. (SML) from Sumitomo Corporation, Japan and Isuzu Motors Limited, the corporate stated in an announcement on Saturday.
As a part of the transaction, M&M would additionally launch a compulsory open provide for acquisition of as much as 26 per cent 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 Vinod Sahay, President – Aerospace & Defence, Trucks, Buses & CE – Mahindra Group, as Executive Chairman of SML Isuzu, efficient August 3, 2025.
Dr Venkat Srinivas has been appointed because the Executive Director & Chief Executive Officer of SML Isuzu Ltd, efficient August 01, 2025.
The Board of Directors of SML has additionally accepted a change within the identify of the corporate to ‘SML Mahindra Limited’- topic to approvals from RoC, Central Registration Centre, MCA and shareholders of the Company or some other authority as could also be obligatory.
In April 2025, M&M agreed to amass a 58.96 per cent fairness stake in SML at Rs 650 per share, representing a complete funding of Rs 555 crore. It is a giant step for M&M in direction of establishing a powerful presence within the >3.5T CV section, the place the corporate has a 3 per cent market share presently, as in comparison with a 54.2 per cent market share within the Sub-3.5 tonne LCV section.
M&M’s Trucks and Buses Division has made significant progress over the previous few years. This acquisition will double the market share to six per cent, with a plan to extend this to 10 – 12 per cent by FY31 and 20 per cent + by FY36.
SML, established in 1983, is a listed firm with well-recognised manufacturers, robust heritage and pan-India presence within the ‘Trucks & Buses ‘section. The firm has a market-leading place within the ‘ILCV [Intermediate and Light Commercial Vehicles] Buses section, ‘with round 16 per cent market share.
Vinod Sahay is a member of the Group Executive Board of Mahindra Group. In addition to his new position in SML Isuzu Ltd, he’ll proceed to function President – Aerospace & Defence, Trucks, Buses and Construction Equipment sector of Mahindra Group.
He brings 27 years of in depth enterprise management expertise in Automotive, Aerospace and Defence trade with huge management expertise in Commercial car trade.
In over 10 years with the Mahindra Group, he has beforehand served as President & Chief Purchase Officer at Mahindra & Mahindra Ltd, CEO of Mahindra Truck & Bus and Construction Equipment enterprise, and CEO of Mahindra Two Wheelers companies.
Dr Venkat Srinivas, along with his new position, will proceed to function the Business Head for Mahindra Truck & Bus (MTB) and Construction Equipment (CE).
He brings 35 years of in depth R&D and management expertise within the Aerospace and Automotive Engineering domains. Over the 11 years with the Mahindra Group, he has led key initiatives within the Commercial Vehicle (CV) area, together with the event of Blazo, Furio, Cruzio, Bolero Maxx Pikup, Zeo EV and strategic platforms like Veero and Global Pik Up. (ANI)