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.

Comments (0)

ADD COMMENT

Link Copied!

Chennai-headquartered two-wheeler and three-wheeler major TVS Motor Company has partnered with NGO She for Society and the Taliru Foundation to launch 16 pink electric three-wheelers in Bengaluru under the ‘Building Queens from the Grassroots’ initiative.

The delivery of the initial 16 units marks the first phase of a project that aims to deploy 100 electric three-wheelers to women beneficiaries identified by the Taliru Foundation. The program is supported by financial contributions from women's organisations across India to assist female drivers in entering the commercial mobility sector.

The launch event was attended by Aishwarya Mahadev, Vice Chairman of Karnataka Road Development, KPCC Social Media President and AICC Spokesperson.

Rajat Gupta, Business Head, Commercial Mobility, TVS Motor Company, said, “At TVS Motor Company, we believe mobility can play a meaningful role in creating opportunities and strengthening livelihoods. Our collaboration with She for Society and Taliru Foundation reflects our commitment to enabling inclusive and sustainable commercial mobility. The Pink Auto initiative is a significant step towards supporting women entrepreneurs and helping them build greater economic independence. We are proud to contribute to an initiative that brings together mobility, community support, and social impact.”

Harshini, representing She For Society, said, “Queens Drive is our endeavour to build queens from the grassroots by enabling women to become financially independent through mobility. With the support of women's organisations across India and our collaboration with Taliru Foundation and TVS Motor Company, we aim to create sustainable opportunities for women auto drivers. These 16 pink electric autos mark the beginning of a larger movement that we hope will empower 100 women and inspire communities across the country.”

Chitra from the Taliru Foundation, said, “Through this initiative, we are working towards creating meaningful livelihood opportunities for women who aspire to become independent earners. The delivery of these 16 pink autos is an important milestone for our beneficiaries, and we are grateful to She for Society, TVS Motor Company, and the supporting women's organisations for helping turn this vision into reality.”

The initiative forms part of TVS Motor Company's commercial mobility strategy to increase female participation in transport operations across urban markets.

Comments (0)

ADD COMMENT

Link Copied!

JSW Greentech, the commercial electric vehicle arm of JSW Group, has launched the ‘AMPSTAR’ brand, which will design, manufacture, and sell electric buses and trucks in India. The ‘AMPSTAR: powered by JSW’ marks the industrial conglomerate's entry into the commercial mobility market.

The company will offer commercial mobility services alongside its vehicles, including charging infrastructure, vehicle financing, leasing options, Battery as a Service (BaaS) models and aftersales support.

AMPSTAR EVs will be available in power configurations ranging from 150 kW to 500 kW, with the production taking place at a 90-acre manufacturing facility located at the Aurangabad Industrial City (AURIC) in Chhatrapati Sambhajinagar, Maharashtra.

The plant has a planned annual capacity of 15,000 electric buses and trucks and contains a pre-treatment and electro-deposition line for bus manufacturing, an automated truck-cabin assembly line and an integrated battery production system.

The EVs are engineered with software, algorithms and drivetrain logic developed in-house by JSW Greentech. Structural features include a monocoque chassis and a double cooling battery system designed for local road and temperature conditions.

The bus range will span lengths from 7 metres to 18 metres for staff, urban, intercity and school transport, while the truck range will launch with a 55-tonne tractor-trailer, followed by tippers and fixed-body dumpers.

Sajjan Jindal, Chairman, JSW Group, said, "When we decided to enter electric commercial mobility, I saw it as an act of nation-building - moving India's people and goods on power generated within India, rather than fuel sourced from outside. We cannot control global oil prices. But we can control how much we depend on them. If I had to put our ambition for AMPSTAR in one sentence, it's this: we want AMPSTAR to be a catalyst for changing the way India moves. That's no longer just a business question. It's a question of who we want to be as a country. But for every customer to make bold choice of electric bus & truck, the economics have to make the case - not sentiment. When they do, the impact goes far beyond the vehicle itself: energy security, lower logistics costs & greater global competitiveness for Indian industry, a stronger manufacturing ecosystem built here in India, and cleaner future for the next generation. That's the journey AMPSTAR begins today- mile by mile, disrupting the way India moves."

Parth Jindal, JSW Group, said, "AMPSTAR brings the full strength of JSW into commercial mobility, with one ambition: to change how India moves its people and its goods. We spent months listening to customers and stakeholders, and one thing was clear, real barriers to adoption go well beyond the vehicle itself. That is when we started designing around the complete customer journey and created full stack electric commercial mobility solution. AMPSTAR brings together two powerful ideas: 'Amp,' comes from Ampere – the unit of electric current, representing technology that amplifies performance. 'Star’ represents aspiration, leadership and progress. The brand identity reflects that same ambition - modern, forward-moving, built to stand out. This is our promise: to go the distance with every customer, making the transition to electric simpler, more reliable, and more rewarding."

Sumit Mittal, CEO, JSW Greentech, said, "AMPSTAR is our vision for electric commercial mobility, and today marks its beginning. We are designing, engineering and building these vehicles in India, from the ground up - our own drivetrain, our own software, using the best of technologies available, and built for Indian roads and operating conditions. Our range is built to cover the full spectrum. On the bus side, our portfolio will span 7 meter to 18 metre buses, serving diverse applications including staff transportation, city, intercity and school mobility. On the truck side, we are starting with the 55-tonne tractor-trailer — one of the most demanding vehicle architectures with plans to expand into tippers and fixed-body dumpers in the months ahead. India deserves world-class buses and trucks on its own roads, and AMPSTAR is how we deliver that."

Comments (0)

ADD COMMENT

Link Copied!

Ashok Leyland, the Hinduja Group’s Indian flagship and a leading commercial vehicle manufacturer, has entered a strategic vehicle financing partnership with Kerala Grameena Bank through a signed Memorandum of Understanding. The agreement is designed to provide customers purchasing Ashok Leyland vehicles with customised and convenient financing solutions.

The MoU was formalised by Viplav Shah, Head of LCV Business at Ashok Leyland, and Gundekar Harish Gangadhar Rao, General Manager of Kerala Grameena Bank. Vimala Vijayabhaskar, Chairperson of Kerala Grameena Bank, was present during the signing.

Under the partnership, Kerala Grameena Bank will deliver end-to-end financial solutions to Ashok Leyland customers. The collaboration seeks to improve customer convenience through vehicle loans featuring flexible and easy-to-manage repayment options tailored to individual needs and preferences.

Shah said, “Ashok Leyland is delighted to partner with Kerala Grameena Bank to provide our customers with attractive, accessible and customised financing solutions. This strategic partnership will further enhance the accessibility of our innovative range of commercial vehicles, enabling businesses and fleet operators to invest with greater confidence and financial flexibility. Powered by cutting-edge technology and engineered to deliver industry-leading total cost of ownership, our vehicles are designed to enhance customer productivity and profitability. Together with Kerala Grameena Bank, we look forward to creating greater value for our customers and supporting their growth journeys.”

Vijayabhaskar said, “Kerala Grameena Bank is pleased to partner with Ashok Leyland to offer seamless vehicle financing solutions. This association reflects our dedication to serving the diverse financial needs of commercial vehicle customers. We are confident that this collaboration will enable us to extend our reach and provide tailored financing options to support the growth of businesses in the commercial vehicle segment in the state of Kerala.”

Comments (0)

ADD COMMENT

Link Copied!

Scania Commercial Vehicles India unveiled the new G 560 Super 10x4 Mining Tipper at Bauma Conexpo India 2026. It marks the expansion of the Swedish truck maker's Super range of heavy-duty trucks. Combining power, robustness and reliability to perform in challenging environments such as mining and other off-highway applications, the G 560 Super is powered by a 560 hp 13-litre engine that produces 2,800 Nm of peak torque to support superior fuel efficiency and lower CO₂ emissions. Paired with the engine is the Scania’s G33 Opticruise gearbox. 
The 10x4 axle configuration features three steerable axles and heavy-duty rear axles, providing the strength and capability required for challenging operations. With a 32.5 cu. m SAE heap volume and a technical gross vehicle weight of 71 tonnes, the G 560 Super is designed to support high-volume material movement and has a robust chassis at its core. The durable Hardox 450 steel rock body is capable of withstanding the rigours of demanding mining operations. The spacious G Series cab, smart displays and real-time vehicle monitoring enhance driver comfort, safety and ease of operation.
“The Super is already an important part of our offering in India, and with the reveal of the G 560 Super 10x4, we are taking the next step by bringing more products with Super power to our customers. Our focus is on bringing the right technology for the right application and, importantly, providing our customers with a complete solution that delivers value beyond the vehicle itself," said Silvio Munhoz, Managing Director, Scania Commercial Vehicles India Pvt. Ltd.
The G 560 Super 10x4 is already at some customers of Scania in India undergoing 'seeding' Once that is complete and the customers get an experience of its capabilities in real-world mining operations, it will be made commercially available.

Comments (0)

ADD COMMENT

Link Copied!