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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Tata Motors, one of the leading commercial vehicle manufacturers, has inked a Memorandum of Understanding (MoU) with UCO Bank for financing solutions.

Through this collaboration, customers will have access to interest rates, loan approvals and processing. The agreement includes loan-to-value funding options and repayment tenures. The partners will coordinate across branches and dealerships to reach customers in urban and rural markets.

Shashikant Kumar, General Manager & Zonal Head – Mumbai, UCO Bank, said, “The signing of this Memorandum of Understanding with Tata Motors Limited marks another significant milestone in UCO Bank’s commitment to delivering innovative and customer centric financing solutions. Through this strategic partnership, we aim to provide seamless, competitive and timely financing for TATA Motors commercial vehicles, enabling entrepreneurs, fleet operators and businesses to expand with confidence.”

Rajesh Kaul, Vice-President & Business Head – Trucks, Tata Motors Ltd., said, “We are pleased to partner with UCO Bank to further strengthen the financing ecosystem for our commercial vehicle customers. Access to organised and competitive financing is a key enabler for our customers' growth, and UCO Bank's strong nationwide presence makes them an ideal partner in this endeavour. This MoU reinforces our commitment to delivering end-to-end solutions, from world-class vehicles to organised financing that empower our customers to grow their businesses with greater confidence and convenience.”

At present, Tata Motors’ product portfolio ranges from 1-tonne to 55-tonne cargo vehicles and 10-seater to 51-seater mass mobility solutions. The company provides services through its Sampoorna Seva 2.0 initiative, the Fleet Edge platform and a network of over 4,500 sales and service touchpoints.

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Volvo Buses India, a business unit of VE Commercial Vehicles, has unveiled the Volvo 9600 Seater-Sleeper coach at the Prawaas 5.0 exhibition in Gandhinagar. It is designed to combine seating and sleeper configurations in a single platform for intercity, tourism and pilgrimage routes.

The 15-metre coach accommodates 51 passengers, featuring 24 upper-deck sleeper berths and 27 lower-deck seats equipped with calf support. It is powered by the Volvo VEDX8 engine and utilises an I-shift transmission. The interior includes an integrated kitchenette, an onboard toilet, mobile charging points and entertainment systems.

S S Gill, Chief Commercial Officer, VE Commercial Vehicles, said, “India's bus industry is evolving rapidly, with rising passenger expectations for premium travel experiences and operators seeking higher productivity and operational efficiency. At Volvo Buses India, we continue to shape the future of mobility by combining globally proven engineering with innovations that address evolving needs of the Indian market. The Volvo 9600 Seater-Sleeper expands our premium coach portfolio with a flexible solution that meets customer expectations for safety, comfort and luxury."

Suresh Chettiar, Executive Vice-President – Bus Division, VE Commercial Vehicles, added, "The Volvo 9600 platform has been widely appreciated for setting new standards in luxury, safety and passenger comfort. Building on that success, we are introducing the Volvo 9600 Seater-Sleeper to meet the growing demand for more flexible premium travel solutions. Featuring 24 upper sleeper berths and 27 premium lower-deck seats with calf support, the new coach enables operators to efficiently cater to both short- and long-distance routes while delivering an elevated travel experience for passengers."

The vehicle introduces safety features, including a 360-degree camera system and camera-based electronic rear-view mirrors. It also includes a tyre pressure monitoring system, a driver state monitoring system to detect fatigue and an alcohol interlock system. The coach is equipped with a telematics solution for real-time monitoring of vehicle location, performance and fuel consumption.

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The Prawaas 5.0 exhibition, an event focused on the public transport industry, has opened at the Helipad Exhibition Centre in Gandhinagar, Gujarat. Scheduled from 9–11 July 2026, the exhibition is organised by the Bus & Car Operators Confederation of India (BOCI) to coincide with its 10th anniversary.

The event, held under the theme ‘Towards Safe, Smart & Sustainable Passenger Mobility,’ brings together manufacturers, technology providers, and operators. Exhibitors include companies such as Tata Motors, VE Commercial Vehicles, Daimler, JBM, Force Motors, EKA Mobility, Switch Mobility and Sun Mobility, among others.

The exhibition showcases a range of technologies and solutions across the transport value chain, including electric vehicles, charging infrastructure, fleet management systems and digital platforms. The event aims to serve as a platform for industry stakeholders, including fleet owners, state transport undertakings and policymakers, to discuss developments in the sector.

The inauguration was led by Miraben Patel, Mayor of Gandhinagar and Kaushik Jain, MLA of Dariapur. Over the three-day programme, the exhibition will host product launches, conferences and business meetings intended to facilitate collaboration within the passenger transport sector.

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SWITCH Mobility has introduced the SWITCH EiV9, a 9-metre electric bus, at the Prawaas 5.0 exhibition in Gandhinagar. The e-bus is designed for city transit, employee transportation, and school mobility.

It uses a Permanent Magnet Variable Reluctance (PMVR) motor that provides 213 kW of peak power. The Switch EiV9 features battery pack options, regenerative braking and dual-gun CCS2 charging. Safety features include a Fire Detection and Suppression System (FDSS) and disc brakes on the front and rear axles. The passenger cabin is equipped with air suspension, seating and USB charging points.

Ganesh Mani, CEO, Switch Mobility, said, "The launch of the all-new Switch EiV9 marks an important milestone in our growth journey as we strengthen our presence across key public and institutional mobility segments. We see strong momentum in this category, with the 9m electric bus market expected to grow at a CAGR of nearly 34% by FY30, driven by increasing demand. The EiV9 has been purpose-built to deliver what operators value most: higher efficiency, superior passenger comfort, advanced safety and lower operating costs. It represents our commitment to developing solutions that not only accelerate the adoption of electric mobility but also create tangible business value for our customers. At Switch Mobility, we believe the transition to cleaner transportation will be driven by practical choices that make both environmental and economic sense. This philosophy is reflected in our new #SwitchKaro campaign, which encourages fleet operators and businesses to make the switch to smarter, more sustainable mobility solutions."

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