Mumbai-headquartered automotive major Mahindra & Mahindra has announced an ambitious growth plan for its commercial vehicle (CV) business, thanks to the recent strategic acquisition of a majority stake in SML Isuzu. The company aims to leverage this acquisition to accelerate its ‘Deliver Scale’ strategy across segments where it believes it has a strong ‘right to win.’

Dr Anish Shah, Managing Director and CEO, Mahindra Group, emphasised that the group’s disciplined focus on capital allocation remains intact. "We have seen significant growth across several businesses, and now, as we enter our third phase, the focus is on delivering scale," he said.

Shah also noted that Mahindra has turned around its CV business, once under scrutiny five years ago, and sees the acquisition of SML Isuzu as a strategic opportunity to cement its position further.

Today, Mahindra is the market leader in SUVs with a 23 percent market share and ranks fifth in the CV segment above 3.5 tonnes with a 3 percent share. Through the acquisition, Mahindra aims to become a more formidable player in the CV space.

"We are targeting a combined market share of 10-12 percent by FY2031 and over 20 percent by FY2036," said Rajesh Jejurikar, Executive Director and CEO – Auto and Farm Sectors, Mahindra & Mahindra. He acknowledged that Mahindra’s CV share, which stood at around 4-5 percent in FY2020, had dropped due to the impact of Covid-19. However, with renewed focus, especially in the LCV and ILCV segments, Mahindra is planning an aggressive recovery.

SML Isuzu brings strength in the intermediate LCV bus segment, holding a 16 percent market share. Mahindra expects that, combined, they could command a 21 percent share. "The synergies are substantial across cost structures, platforms, aggregates, supplier networks, and operations," Jejurikar added.

Growth, Not Cost-Cutting

Mahindra leaders were clear that the SML Isuzu acquisition is not about cost-cutting, but about building scale. "This deal is about growth, not about taking costs out," stressed Amarjyoti Barua, Chief Financial Officer, Mahindra Group. He highlighted that SML Isuzu will remain a separately listed entity and that Mahindra has no plans to rebrand it under the Swaraj name, even though it sees potential for the Swaraj brand in certain export markets.

Financially, Mahindra believes the deal makes strategic sense. Shah pointed out that the SML Isuzu business will be self-sustaining in generating cash for future investments.

The company sees SML Isuzu's operations as a ‘well-run and frugal factory,’ with most future investments primarily required to ramp up capacity.

Vinod Sahay, President - Aerospace & Defence, Trucks, Buses & CE, Mahindra, underlined how the product portfolios of Mahindra and SML Isuzu complement each other. SML Isuzu, for instance, is at an advanced stage in developing electric buses for school, staff and executive coach applications, an area where Mahindra's electrification expertise can add substantial value.

Sahay further highlighted how combining Mahindra and SML Isuzu’s supplier ecosystems will strengthen bargaining power, especially in critical areas like tyres, batteries and key aggregates. While Mahindra boasts strong sourcing power in tyres and batteries, SML Isuzu has an edge in CV parts.

Product synergy is another opportunity. SML’s strong CNG product line and Mahindra’s newer Furio and Cruzio models – offering 8-10 percent better fuel efficiency – will allow the combined business to offer compelling choices to customers across the LCV, ILCV and M&HCV categories.

With over 200 dealers and 400 touchpoints between them, Mahindra plans to optimise and expand network coverage for a wider reach.

While Mahindra is bullish on growth, Shah made it clear that there are no immediate plans for further acquisitions. "Now the business must prove itself," he said, reiterating the company’s strategic belief in building businesses that have a clear right to win, strong financial metrics and differentiated products.

Looking ahead, Mahindra is betting that a stable yet evolving CV market – especially in buses and light trucks, which the management stated will provide the runway needed for long-term growth, as the group consolidates its position as a dominant player across automotive categories.

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The State Express Transport Corporation (SETC) of Tamil Nadu has launched its intercity transport service with the induction of 20 Volvo 9600 15-metre seater coaches. The fleet was flagged off by the Chief Minister of Tamil Nadu, M K Stalin, at Island Grounds, Chennai.

The move is part of the state government's programme to upgrade public transport and provide long-distance travel options. The ceremony was attended by transport officials and government dignitaries, including the Minister for Transport, S S Sivasankar.

The Volvo 9600 coaches are manufactured at Volvo Buses India’s facilities and represent the current generation of the company’s bus range in the country.

The buses have a 51-seat layout designed for long-haul operations. Each unit is fitted with seats featuring calf support. It is engineered for ride quality, safety and operational reliability.

The coaches will operate on several major routes within Tamil Nadu and to neighbouring states, including:

• Chennai to: Coimbatore, Bengaluru, Tiruppur, Salem, Thanjavur, Trichy, Nagercoil and Tiruchendur.
• Inter-regional: Coimbatore–Bengaluru and Trichy–Tiruchendur.

Suresh Chettiar, Executive Vice-President – Bus Division, VE Commercial Vehicles, said, “We are proud to partner with SETC and the Government of Tamil Nadu in strengthening Tamil Nadu’s intercity transport ecosystem with the induction of Volvo 9600 coaches. These buses are engineered to deliver world-class comfort, safety, and operational reliability, supporting SETC’s vision of providing a superior travel experience to passengers while raising benchmarks for public transport in Tamil Nadu.”

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IVECO BUS has delivered its first GX 337 H2 LINIUM hydrogen city bus to the Lorient Agglomeration in France.

The delivery is part of a project that will eventually see 19 hydrogen buses added to the IziLo Mobilités network fleet, with 10 further units scheduled for delivery during 2026.

The GX 337 H2 LINIUM utilises a 100-kW fuel cell powered by four hydrogen tanks, integrated with a 69-kWh FPT Industrial battery pack. The bus has a claimed operational range of 450 km, can accommodate up to 110 passengers and hydrogen consumptions is claimed to be around 20 percent lower than others. Furthermore, it also is equipped with a heat pump system for thermal management and also comes with IVECO ON services to monitor performance and ownership costs.

Fabrice Loher, President, Lorient Agglomeration and Mayor of Lorient, said, “With the introduction of this first hydrogen bus, Lorient Agglomeration reaffirms its ambition to lead a bold and transformative energy transition. This milestone marks the emergence of a local sector that fosters innovation and job creation and strengthens our collective ability to offer sustainable mobility solutions tailored to the daily needs of our residents.”

Giorgio ZINO, Head of IVECO BUS Commercial Operations in Europe, said, “We are proud to see Lorient host the first European delivery of our GX 337 H2 LINIUM hydrogen city bus, a tangible demonstration of our commitment to working alongside local communities for decarbonised collective mobility. This technology delivers a high-performance solution, combining autonomy, comfort and energy efficiency and plays an active role in building a more sustainable future.”

IziLo Mobilités serves 25 municipalities with a population of 207,000. The network operates over 140 bus and boat lines. The introduction of hydrogen technology is intended to support the transition to carbon neutrality and reduce greenhouse gas emissions within the fleet.

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Caterpillar has announced that all Cat Customer Value Agreements (CVAs) will be eligible for an upgraded Services Commitment beginning in 2026. The programme is designed to provide equipment owners with specific timelines for maintenance and repairs.

Under the new terms, CVAs that include dealer labour will feature a Two-Day Repair commitment for common repairs. If the equipment is not returned to service within this timeframe, the customer receives a payment. Furthermore, the Parts Next-Day availability commitment covers maintenance, wear, and repair parts for pickup at a designated dealer location.

The CVAs provide 24x7 access to equipment health management tools, including VisionLink and Cat Inspect, to monitor asset insights. Agreements also include:

• Support from local Cat dealers.
• Delivery of Cat parts and fluids for planned maintenance at the customer's location.
• Options for equipment coverage, portability, and transferability.

Ebban Clause, Vice-President of Sales and Marketing, Construction Industries Services Division, said, “Our new Services Commitment program with a CVA is all about offering the customer hassle-free, peace-of-mind equipment ownership. Customers dealing with downtime need to act fast, and they need parts to get the equipment up and running quickly. Our new Services Commitment delivers just that – Two-Day Repairs, Parts Next-Day, or the customer gets paid.”

The global rollout of CVAs with the upgraded Services Commitment will begin in the Q1 of 2026. The implementation will continue through 2027, depending on regional availability.

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Propel Industries Private Limited showcased a large portfolio of construction equipment at Excon 2025 that included four new electric tipper models. The company aso unveiled an all-new connectivity platform and a comprehensive after-sales uptime solution. 
The four new electric tippers include the 90CED (claimed to be India's first ultra-fast charging 90 tonne electric dumper with ADAS Level 1 safety), 70CED (claimed to be India's first 8x4 mining e-tipper with 25 cu m rock body), 560HEV-X (claimed to be Indias first 8x4 construction tipper with 25 cu m box body), 470MEV Gen-2 (caimed to be India's first 6x4 tipper with 20 cu m rock body) in particular. 
The Pulse.ev connectivity platform as a new digital ecosystem built in-house specifically for electric mining and hauling operations includes features such as real-time vehicle health and diagnostics; energy consumption insights; predictive maintenance analytics and fleet optimization suite for multi-shift operations.
"The announcements reinforce Propels commitment to innovation, high-productivity for customers, zero-emission, and future-ready heavy-duty mobility. Since start of EV truck sale in 2023, the brand has expanded its presence across coal, overburden, limestone, iron-ore, stone quarry, marble & granites, and solid waste management segments. Propel trucks have cumulatively covered over 5 lakh operating hours and the first set of 8 trucks have clocked 12,500 hours in 2 years, which is equivalent to 20 hrs per day. This proves the reliability and uptime of the propel electric trucks," said Siddarth Kirtane, President – EV Sales, Marketing and Service, Propel Industries. 

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