Mumbai-based automotive major Mahindra & Mahindra has announced a bold move to strengthen its position in the commercial vehicle (CV) market with an agreement to acquire a 58.96 percent stake in SML Isuzu (SML) at INR 650 per share, representing an investment of INR 5.55 billion.

Following the acquisition, Mahindra will also launch a mandatory open offer to acquire up to an additional 26 percent stake from public shareholders, in compliance with SEBI's Takeover Regulations.

This strategic acquisition marks a major step forward in Mahindra’s ambition to expand its footprint in the >3.5-tonne CV segment. At present, Mahindra holds a modest 3 percent market share in this space, compared to its dominant 52 percent share in the <3.5-tonne light commercial vehicle (LCV) market. With the addition of SML’s capabilities and brand strength, Mahindra expects to immediately double its market share to 6 percent, and is aiming for 10–12 percent by FY2031 and over 20 percent by FY2036.

Founded in 1983, SML Isuzu is a listed company with a all-India presence and a strong legacy in the trucks and buses segment. It holds a leading 16 percent market share in the Intermediate Light Commercial Vehicle (ILCV) buses category. For FY2024, SML reported operating revenue of INR 21.96 billion and an EBITDA of INR 1.79 billion, showcasing profitable operations, frugal manufacturing and strong engineering capabilities.

Mahindra sees the acquisition as an opportunity to unlock significant value through synergies across cost optimisation, network expansion, brand integration, manufacturing efficiency, talent pool strengthening and complementary product portfolios. Mahindra states that its Trucks and Buses Division has already made notable advances in technology, design and innovation by leveraging its broader automotive capabilities – strengths that will be further enhanced through this deal.

The transaction structure involves Mahindra acquiring the entire 43.96 percent stake held by Sumitomo Corporation, the current promoter of SML, as well as a 15 percent stake from Isuzu Motors.

Dr Anish Shah, Group CEO & MD, Mahindra Group, said: “The acquisition of SML Isuzu marks a significant milestone in Mahindra Group’s vision of delivering 5x growth in our emerging businesses. This acquisition is aligned with our capital allocation strategy for investing in high-potential growth areas that have a strong right to win and have demonstrated operational excellence.”

Rajesh Jejurikar, Executive Director and CEO, Auto and Farm Sector, Mahindra & Mahindra, added, “SML brings a strong legacy, a loyal customer base and a credible product portfolio that complements Mahindra’s existing offerings in the trucks and buses segment. This acquisition is a pivotal step toward our ambition to become a full-range, formidable player in commercial vehicles by enhancing market coverage, unlocking operating leverage through platform consolidation, a unified supplier and network base, and better plant utilisation. Together, we are well-positioned to scale rapidly and drive profitable growth.”

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Pune-headquartered alternative energy vehicle manufacturer EKA Mobility has appointed Sanjay Kumar Bohra as its new Chief Commercial Officer (CCO).

In his new role, he will lead the Financial & Commercial strategy for EKA Mobility and the group, driving growth, efficiency and value creation across the organisation. Bohra comes with around four decades of experience across finance, banking and Business Process Services (BPS).

Prior to joining EKA Mobility, he served as the Group CFO at Force Motors, having spent over a decade at the company, leading finance function across domestic and international operations. He has also worked with the likes of Citigroup and Tata Consultancy Services in his professional career.

Dr. Sudhir Mehta, Founder & Chairman, EKA Mobility & Pinnacle Industries, said, "We are glad to welcome Sanjay to the EKA family. His deep understanding of finance, coupled with a strong track record in business transformation and strategic leadership, will be instrumental in propelling EKA’s next phase of growth. He will play a key leadership role not just at EKA Mobility, but across our group, as we scale our operations and expand our global footprint."

Sanjay Kumar Bohra, said, "I am excited to join EKA Mobility at such a transformative time for the automotive and clean mobility industry. EKA’s bold vision, innovation-led approach, and strong commitment to sustainability are aligned with my professional ethos, and I look forward to contributing to the EKA and the group’s continued success and global expansion."

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The Indian commercial vehicle (CV) industry is likely to see wholesale growth of 3-5 percent in FY2026, backed by the resumption of construction and infrastructure activities. The report states that while domestic CV wholesale volumes saw a marginal 0.1 percent YoY increase in May 2025, retail volumes witnessed a 3.7 percent YoY contraction.

For the initial two months of the fiscal year 2026 (April-May 2025), CV wholesale volumes declined by 0.7 percent on a YoY basis. The decline in retail volumes, which also saw an 11.3 percent sequential drop in May 2025, suggests elevated inventory levels at dealerships.

Breaking down the performance by segment, the medium and heavy commercial vehicle (M&HCV) segment saw its retail sales volumes decline by 4.4 percent YoY in May 2025, with a significant sequential decline of 18.9 percent. ICRA noted that regional disruptions and the geopolitical situation had some impact on demand for the month. M&HCV (trucks) wholesale volumes are anticipated to register a modest 0-3 percent YoY growth in FY2026, following a 4 percent decline in FY2025.

Similarly, retail volumes in the light commercial vehicle (LCV) segment in May 2025 declined by 3.2 percent YoY and 4.9 percent sequentially, reflecting muted demand. LCV (trucks) wholesale volumes are expected to register a limited 3-5 percent YoY growth in FY2026. The increasing preference for pre-owned vehicles over new ones in this segment has also impacted demand recently.

Despite the subdued performance in May, ICRA forecasts a modest YoY growth of 3-5 percent in wholesale volumes for the domestic CV industry in FY2026, after a marginal 1.2 percent year-on-year decline in FY2025. While M&HCV (trucks) and LCV (trucks) segments are expected to see modest volume growth, the buses segment is projected to experience a relatively higher growth of 8-10 percent for the fiscal year.

The anticipated pick-up in construction and mining activities, coupled with a steady economic environment, is expected to support demand prospects for the LCV (trucks) and M&HCV (trucks) segments. Meanwhile, replacement demand is likely to be a key driver for volume growth in the buses segment.

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Chennai-based commercial vehicle major Ashok Leyland has bagged an order to deliver 200 trucks to Instant Transport Solution, a key express logistics player in India.

Instant & XP India, is a leading express logistics player in e-commerce, FCL, LCL and 3PL space, is one of the fastest-growing integrated logistics businesses in India.

It currently operates a fleet of around 2,100 trucks and has placed a substantial order of 200 units of Ashok Leyland’s trucks. The first batch of 100 units of 1916 single axle and 2820 multi-axle haulage trucks were delivered, marking the beginning of this extensive fleet expansion.

Sanjeev Kumar, President – MHCV, Ashok Leyland, handed over the keys to the first batch of 100 trucks to Rajbir Singh Chaudhary, Chairman, Instant Transport Solution, in the presence of senior executives from both organisations.

Sanjeev Kumar, said, “We are delighted to deliver the first batch of 1916 single axle and 2820 multi-axle haulage trucks to Instant Transport Solution. This order underscores the confidence customers place in our robust, innovative and reliable vehicles. As we continue to push the boundaries of technology and customer experience, collaborations like these will help shape a more efficient, future-ready logistics sector.”

Rajbir Singh, said, “We have complete trust in the quality and performance of Ashok Leyland trucks. Their outstanding after-sales support ensures seamless operations for us, while their growing service network further enhances our capabilities. This delivery represents more than just new trucks – it signifies a deepening partnership aimed at advancing logistics efficiency. With Ashok Leyland’s dedication to innovation and our forward-thinking approach to transportation, we look forward to continued success on the road.”

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Mumbai-headquartered automotive major Mahindra & Mahindra has launched its all-new Bolero MaXX Pik-Up HD 1.9 CNG small commercial vehicle (SCV) at INR 1.11 million (ex-showroom). The new model expands the company’s popular Bolero Pik-Up brand.

The Bolero MaXX Pik-Up HD 1.9 CNG comes with a 2.5-litre turbocharged CNG engine, delivering 61 kW power, 220 Nm of torque @ 1,200-2,200 rpm and a payload capacity of 1.86-tonne. The SCV is specifically designed for long-distance operations and offers a claimed range of up to 400 km on a single CNG fill, supported by its 180-litre tank capacity. The SCV comes with a 5-speed manual gearbox and power steering.

In terms of connectivity, the Bolero MaXX Pik-Up HD 1.9 CNG is the company’s first CNG pickup offering with iMAXX telematics solution tech, providing fleet operators complete overview of the vehicle performance.

The SCV comes with air conditioning and heating systems for all weather driving, as well as a height-adjustable driver seat for ergonomic support.

The cargo bed designed to support diverse customer needs measures 3050 mm in length. Complementing the vehicle are the 16-inch tyres and durable leaf spring suspension on both front and rear axles.

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