Mahindra & Mahindra Limited (M&M) has significantly expanded its footprint in the commercial vehicle sector by acquiring a controlling stake in SML Isuzu . The strategic move, completed on August 1, 2025, positions M&M as the new promoter of SML Isuzu, marking a pivotal shift in the Indian automotive industry.

Acquisition Details

M&M has acquired a total of 85,33,053 equity shares, representing a 58.96% stake in SML Isuzu. The acquisition was executed through two separate off-market transactions:

1. 63,62,306 shares (43.96%) purchased from Sumitomo Corporation
2. 21,70,747 shares (15.00%) acquired from Isuzu Motors Limited

Both transactions were based on share purchase agreements originally dated April 26, 2025, and subsequently amended on July 29, 2025.

Financial Implications

The deal was valued at ₹650.00 per share, bringing the total transaction value to approximately ₹554.65 crore. This strategic investment underscores M&M's commitment to strengthening its position in the commercial vehicle market.

Ownership Changes

Following the acquisition:

• M&M becomes the promoter of SML Isuzu with a 58.96% stake
• Sumitomo Corporation, previously holding a 43.96% stake as a promoter, has been reclassified to the public category after selling its entire shareholding
• Isuzu Motors Limited has divested its 15% stake in the company

Market Impact

This acquisition is expected to have significant implications for the commercial vehicle market in India. By integrating SML Isuzu's expertise with its own capabilities, M&M is poised to enhance its product portfolio and market reach in the light and medium commercial vehicle segments.

Company Profile

SML Isuzu, headquartered in Punjab, is known for its range of trucks and buses. The company's total equity share capital stands at ₹14.47 crore, divided into 1,44,71,646 equity shares with a face value of ₹10.00 each.

Regulatory Compliance

The transaction adheres to the Securities and Exchange Board of India (SEBI) regulations, with appropriate disclosures made under the Substantial Acquisition of Shares and Takeovers Regulations, 2011.

This strategic acquisition by Mahindra & Mahindra is likely to reshape the competitive landscape of the Indian commercial vehicle industry, potentially leading to new product developments and market strategies in the coming years.

SML Isuzu Limited , a prominent player in the commercial vehicle sector, has announced significant changes to its leadership team and statutory auditors. The changes, approved by the company's Board of Directors, mark a new chapter in SML Isuzu's corporate journey.

New Leadership Appointments

The Board has approved several key appointments and changes:

• Mr. Vinod Kumar Sahay has been appointed as Executive Chairman effective August 3, 2025. Mr. Sahay, previously appointed as an Additional Director and Executive Director, brings extensive experience from his roles at Mahindra Group and Tata Motors.

• Mr. Chandra Shekhar Verma has stepped down from the Chairman role but will continue as a Non-Executive Independent Director.

• Mr. Pushkar Patwardhan has been appointed as CFO-Designate and will assume full CFO responsibilities from October 1, 2025.

• Mr. Ritesh Agrawal has joined as Chief Operating Officer.

Changes in CFO Position

• Mr. Rakesh Bhalla's term as CFO will end on September 30, 2025, after which he will transition to the role of Advisor to Executive Director & CEO.

Organizational Restructuring

Due to organizational restructuring:

• Mr. Sandeep Chandna and Mr. Vikas Sharma have ceased to be Senior Management Personnel but will remain with the company.

Change in Statutory Auditors

• Walker Chandiok & Co LLP has resigned as statutory auditors, citing independence concerns related to non-audit services provided to the holding company Mahindra & Mahindra.

• B S R & Co. LLP has been appointed as the new statutory auditors to fill the vacancy until the next Annual General Meeting (AGM). The board has approved their appointment for a five-year term, subject to shareholder consent.

These changes reflect a significant shift in SML Isuzu's leadership structure and corporate governance. The new leadership team and auditors are expected to guide the company through its next phase of growth and development in the commercial vehicle sector.