India Business Journal - M&M wraps up SML Isuzu acquisition, renames it as SML Mahindra

CORPORATE

M&M wraps up SML Isuzu acquisition, renames it as SML Mahindra

IBJ Bureau
Aug 03, 2025

Mahindra & Mahindra (M&M) has completed the acquisition of 58.96 per cent controlling stake in commercial vehicle manufacturer SML Isuzu and has renamed it as SML Mahindra (SML).

M&M has also added that it has reconstituted the company’s board, which will now be headed by Mahindra Group veteran Vinod Sahay as its executive chairman. Venkat Srinivas has been appointed as the executive director and chief executive officer of SML.

Mr Sahay is currently president of aerospace and defence, trucks, buses and construction equipment of the Mahindra Group, a position that he will continue to serve, M&M has said.

Mr Sahay’s appointment as executive chairman of SML Isuzu is effective from August 3 and that of Mr Srinivas from August 1, according to the company.

In addition to his new role, Mr Srinivas will continue to serve as the business head for Mahindra trucks and buses and construction equipment.

M&M had in April this year signed a share purchase agreement to acquire 58.96 per cent of stake in SML Isuzu from Japan’s Sumitomo Corporation and Isuzu Motors for Rs 555 crore.

The company had also said that as a part of the transaction, it would also launch a mandatory open offer for acquisition of up to 26 per cent stake from eligible public shareholders of SML in accordance with the SEBI Takeover Regulations.