Home Business News Mahindra & Mahindra completes �555 cr acquisition of SML Isuzu, eyes 20% CV market share by FY36 Mahindra & Mahindra completes �555 cr acquisition of SML Isuzu, eyes 20% CV market share by FY36 Mahindra & Mahindra Ltd. has rounded off the acquisition of a 58.96% controlling stake in SML Isuzu Ltd. from Japans Sumitomo Corporation and Isuzu Motors. The deal has been valued at �555 crore at �650 per share, highlighting M&M's move to solidify its hold over the commercial vehicle (CV) segment above 3.5 tonnes. M&M will also launch a mandatory open offer to acquire up to 26% additional stake from public shareholders under SEBI takeover norms.
Following the acquisition, the company has proposed renaming SML Isuzu to SML Mahindra Limited, pending approvals from shareholders, the Registrar of Companies, and other regulatory bodies. The Board of Directors has been reconstituted with Vinod Sahay, President Aerospace & Defence, Trucks, Buses & Construction Equipment at Mahindra Group, being appointed Executive Chairman of SML, effective August 3. Dr. Venkat Srinivas has taken over the role of Executive Director and CEO, effective August 1. SML Isuzu is a listed entity with a strong brand presence in the intermediate and light commercial vehicle (ILCV) bus segment, where it commands a 16% market share. The acquisition is expected to double M&Ms CV market share from 3% to 6% in the >3.5T segment, with ambitions to reach 1012% by FY31 and over 20% by FY36.