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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JCB India, a leading construction equipment manufacturer in the country, has inaugurated a 3S dealership facility in Ranchi, operated by Premsons Motor Udyog. The integrated centre will provide sales, service and spare parts support across 15 districts of Jharkhand.

The new facility is spread across 18,000 square feet and houses a four-bay workshop, employing approximately 230 personnel. The site functions as the regional headquarters for the dealership network across districts including Ranchi, East Singhbhum, West Singhbhum, Palamu and Hazaribagh. Operational infrastructure includes a LiveLink Command Centre to track telematics data, machine utilisation and service schedules, along with a rainwater harvesting system for resource management.

Deepak Shetty, CEO & MD, JCB India, said, "Jharkhand is playing an increasingly important role in India’s infrastructure, mining and industrial growth story, creating significant opportunities for the construction equipment sector. We are delighted to inaugurate this new state-of-the-art facility with Premsons Motor Udyog, a valued partner that has consistently demonstrated a strong commitment to customers. This investment reinforces our long-term commitment to the state. It will enable us to further enhance customer engagement, service capabilities and support for Jharkhand’s continued development."

"We are delighted to strengthen our association with Premsons Motor Udyog. It is gratifying to see a family-owned business grow and succeed alongside JCB. This new facility reflects our shared commitment to delivering world-class products, service and support to customers. We look forward to building on this successful partnership and growing together in the years ahead," added Shetty.

The new outlet expands JCB India's dealer footprint across eastern region infrastructure, mining and industrial sectors.

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Energy in Motion Ltd has opened an electric heavy commercial vehicle complex in Talegaon, Pune, as part of a planned INR 10 billion investment in Maharashtra, with the first phase representing an investment of INR 5 billion.

The facility, located in Ambi village, brings together an electric heavy commercial vehicle assembly plant, a lithium-ion battery pack assembly factory and an independent battery testing laboratory. The company said the integrated complex has an initial capacity of 5,000 vehicles per shift per year.

The complex was inaugurated on 14 October by Devendra Fadnavis, Maharashtra’s Chief Minister, in the presence of Sharadchandra Pawar, a Rajya Sabha member, and Sunetra Ajit Pawar, the state’s Deputy Chief Minister.

Developed in just over a year after the signing of a memorandum of understanding, the Industry 4.0-enabled facility is expected to create more than 2,000 direct and indirect jobs, as well as opportunities in design, research and development, and information technology.

Energy in Motion is also developing a network of battery-swapping and charging stations along major highways, at ports and in industrial complexes. The company said its megawatt-scale hubs would be able to swap batteries in compatible vehicles in less than seven minutes and provide fast charging for vehicles equipped with the specified DC charging connector.

The company has technology partnerships with BAIC Foton Motor for electric heavy vehicles, Contemporary Amperex Technology Co (CATL) for batteries, and Shanghai Enneagon Energy Technology for robotic battery-swapping systems.

Narendra Murkumbi, Managing Director of Energy in Motion, said the facility had been built with support from the Maharashtra government, technology partners and project hosts RMK Spaces. He also credited the company’s manufacturing team, led by Mahesh Keskar.

Murkumbi said the company’s next priority was to develop a nationwide network of megawatt-scale charging and battery-swapping stations to support the shift from diesel to electric heavy goods transport.

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Volvo Buses India, a division of VE Commercial Vehicles, has secured an order for 200 Volvo 9600 coaches from the Maharashtra State Road Transport Corporation (MSRTC). The contract marks the single largest order received by Volvo Buses in India.

The order comprises 170 seating coaches and 30 sleeper coaches, intended to support intercity and interstate routes across the public transportation network in Maharashtra. The seating variant features a 51-seat layout equipped with calf support, while the sleeper variant provides berth arrangements for long-distance overnight travel. Manufactured at Volvo Buses India's facility in Hoskote, Karnataka, the 9600 series coaches integrate vehicle safety platforms, chassis engineering and passenger seating configurations for state transport operations.

Suresh Chettiar, Executive Vice-President of the Bus Division, VE Commercial Vehicles, said, "We sincerely thank the Transport Minister of Maharashtra, Pratap Sarnaik and Dr. Madhav Kusekar, IAS, Managing Director and Vice Chairman, MSRTC, for their continuing trust in Volvo buses. This landmark order reflects our shared commitment to elevating travel and making premium passenger experiences more accessible for the citizens of Maharashtra. We are proud to continue to partner with MSRTC to enhance the state’s public transportation network."

The fleet addition forms part of MSRTC's modernisation plan to upgrade intercity bus services and expand premium transit options across state-operated routes.

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Eicher Trucks & Buses, a division of VE Commercial Vehicles, has introduced Uptime NXT Services supported by an AI-enabled (artificial intelligence) Uptime Centre. The initiative expands the company's aftermarket service ecosystem through connected vehicle data, predictive analytics and service support infrastructure to manage fleet operations.

The Uptime Centre functions as an operational hub connecting transport operators, technicians and engineering teams. Services delivered through the platform include fuel management advisory, driver performance scorecards, vehicle operation insights, remote immobiliser controls and proactive maintenance alerts.

The system integrates with the My Eicher application, which currently connects over 460,000 commercial vehicles across 200,000 fleet accounts to provide real-time vehicle tracking, trip tracking and maintenance monitoring.

B. Srinivas, MD and CEO, VE Commercial Vehicles, said, "For our customers, uptime directly impacts productivity, profitability and business continuity. At Eicher, our vision has therefore been to create an ecosystem that helps keep vehicles operating at their best - everyday. By bringing together connected technology, predictive insights, a responsive service network and strong aftermarket support, we are moving towards a more proactive approach to uptime — one that anticipates customer needs, minimises disruptions and enables customers to run their businesses with greater confidence and predictability. Our ambition is to make uptime a defining part of the Eicher ownership experience."

S S Gill, Chief Commercial Officer, VE Commercial Vehicles, said, "The new Uptime Centre brings together the people, technology and intelligence needed to manage uptime more proactively and at scale. The Uptime Control Tower gives our teams greater visibility across vehicle and service operations, while our Gen AI-powered platform bring actionable intelligence closer to our service teams and technicians. This enables faster diagnosis, better coordination and stronger First-Time-Right performance, helping us reduce disruptions and deliver a more seamless service experience for our customers."

The company first established a centralised Uptime Centre in 2019. The upgraded Uptime NXT architecture introduces an Uptime Control Tower for real-time monitoring of service operations and deploys generative artificial intelligence tools, designated as the Service One platform, to assist dealership technicians with fault diagnostics and repair procedures.

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