Mahindra Gets CCI Nod to Acquire 59% Stake in SML Isuzu for 555 Cr

The Competition Commission of India (CCI) has approved Mahindra & Mahindra’s plan to acquire 58.96% of SML Isuzu for ₹555 crore, removing the final regulatory hurdle before the open offer.

The deal, announced in April, involves Mahindra buying 43.96% from Sumitomo Corporation and 15% from Isuzu Motors. Mahindra will acquire both holdings at the same overall value. Following this, Mahindra will launch an open offer for an additional 26% stake, as required under Sebi’s takeover regulations.

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Confirming the approval, CCI said in a press release, “The proposed combination relates to the acquisition of SML Isuzu Ltd. (target) by Mahindra and Mahindra Ltd. (acquirer).” The announcement was also posted on platform X.

SML Isuzu, established in 1983, manufactures commercial trucks and buses. Under Indian law, any transaction exceeding specific size thresholds must be reviewed by CCI to ensure it doesn’t harm market competition. This condition has now been met.

Mahindra called the move a part of its “capital allocation ”strategy”—aimed at deploying funds into high-potential businesses with consistent operational strength. As the flagship company of the Mahindra Group, it continues to expand its commercial vehicle portfolio with focused investments.

By acquiring a majority stake in SML Isuzu, Mahindra strengthens its position in the commercial trucks and commercial buses market, boosting its competitiveness in India’s evolving commercial vehicle landscape.

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