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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MG Group has unveiled Starz, its coach platform, at Prawaas 5.0 in Gandhinagar, for which it claims it has already secured an initial order for 50 units.

The Starz platform is designed for applications including intercity travel, staff transportation and tourism. It will be available with diesel and alternate-fuel powertrain options. Pricing for the platform starts at approximately INR 3.9 million, with bookings opening in July 2026.

Anil Mohan Kamat, Chairman & Managing Director, MG Group, said, “India’s passenger transportation sector is undergoing a profound transformation, driven by higher expectations around safety, comfort, reliability and sustainability. Starz represents our response to these changing market dynamics. It embodies decades of manufacturing expertise, deep customer understanding and a relentless focus on innovation. More importantly, it reflects our commitment to creating mobility solutions that deliver long-term value for operators while elevating the travel experience for passengers.”

MG Group operates manufacturing facilities in Belagavi, Karnataka and Zaheerabad, Telangana. The Belagavi plant focuses on coach production, while the Zaheerabad facility supports the production of school buses, staff vehicles and other segments.

“Starz is not merely a new coach platform; it is a reflection of our long-term vision for passenger mobility. Our focus has always been to combine design excellence with engineering precision. Through Starz, we are delivering a product that is aesthetically refined, operationally efficient and built to meet the future requirements of the transportation industry,” concluded Kamat.

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Mumbai-headquartered commercial vehicle major Tata Motors has unveiled its latest passenger mobility portfolio at the Prawaas 5.0 summit in Gandhinagar, including the launch of the Ultra Prime and Starbus Prime bus ranges.

The company showcased a variety of vehicles designed for intercity, intracity and institutional transport, featuring both internal combustion and electric powertrains.

The new product lineup includes the LPO 1620 CNG, the Ultra Prime LPO 412 and the Ultra Skool 9/9 EV. Additionally, the company presented the Magic EV, the Winger Plus and the Ultra Prime RE Concept.

The new ranges feature updates to styling and interiors, along with safety systems such as driver monitoring, 360-degree cameras and reverse parking assistance.

Anand S, Vice-President and Business Head – Commercial Passenger Vehicles, Tata Motors, said, "Prawaas has been an important platform for us to engage with fleet operators and industry stakeholders, and gain deeper insights into how passenger transportation needs are evolving across the country. The showcase this year reflects our deep understanding of customer needs across applications, be it employee transport, leisure travel, school transport or last-mile connectivity. With lower operating costs of the LPO 1620 CNG, enhanced safety and comfort of the new Ultra Prime range, and the expansion of electric mobility through the Ultra Skool 9/9 EV and Magic EV, each solution has been engineered to address a specific customer requirement. Backed by our extensive service network and support ecosystem, these offerings help customers maximise uptime, improve operating economics and deliver a superior travel experience, enabling them to grow their businesses profitably."

Tata Motors is supporting its vehicle range through a network of over 4,600 sales and service touchpoints, alongside its Sampoorna Seva 2.0 service programme and fleet management solutions.

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Montra Electric has flagged off the first batch of 65 Rhino 5538 EV trucks from its manufacturing facility in Manesar. This deployment is part of an order for 260 vehicles and represents a transition toward the use of electric trucks for heavy freight transportation in India.

The trucks are intended for use in sectors such as cement, steel, infrastructure, construction and mining. The deployment aims to support the creation of electrified freight corridors.

Jalaj Gupta, Managing Director, Montra Electric (TI Clean Mobility), said, "India's heavy freight ecosystem has reached an important inflection point. Customers today are making electric trucks a part of their mainstream logistics operations rather than evaluating them through limited pilots. This shift is driving commercial-scale production at our Manesar facility, and we are proud to be supporting leading enterprises with products that combine performance, reliability and sustainability. Our focus remains on building an ecosystem that enables customers to transition confidently towards zero-emission freight."

Navneet Sethi, CEO – eMHCV, Montra Electric (IPLTech Electric), said, "The conversation around electric trucking has fundamentally changed. Fleet operators are now asking how quickly they can scale, not whether the technology works. These are the most demanding freight applications, requiring uncompromised performance, high uptime and dependable operating economics. Rhino has been engineered precisely for these requirements, delivering a compelling combination of productivity, efficiency and lower total cost of ownership. With manufacturing now ramped up, we are well positioned to support the growing demand from customers across India's industrial sectors."

The Rhino 5538 EV includes an electric powertrain and telematics. Montra Electric is scaling its production and service network to support further deliveries of the remaining vehicles.

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French automotive major Renault has announced updates to its Master van range, following the vehicle's performance in the European large van segment in early 2026. The company is introducing modifications to the cabin, safety systems and battery technology across its internal combustion (ICE) and electric models.

The interior now features a redesigned centre console, which provides 90 mm of additional space to improve movement between the cabin and loading area and increase legroom for the middle passenger. Hands-free access and start-up have also been added to improve daily usability.

In terms of safety, the range is now fitted with a driver attention monitoring camera and an electric parking brake with Auto Hold on all front-wheel-drive versions. Electric and automatic models include adaptive cruise control and an enhanced digital instrument cluster.

The E-Tech electric range now features a new battery produced in France. While the capacity remains at 87 kWh, the battery uses mid-nickel chemistry to improve thermal management and charging performance.

Renault is also introducing bidirectional charging, with Vehicle-to-Grid (V2G) compatibility expected to arrive in September 2026. Furthermore, a new chassis-cab version with a 40 kWh battery has been added to the range for urban use.

To assist business users, the vehicle includes a 220V socket in the cabin and loading area, providing 3,500W of power for tools. Renault has also incorporated 20 percent recycled plastic, sourced from end-of-life vehicles, into the dashboard.

Frederic Clermont, VP, LCV Product & Revenue, Renault, said, "For nearly 50 years, Renault Master has supported business customers in their day-to-day activities. Voted ‘Van of the Year’ in 2025, the fourth-generation Renault Master gains new versions and features, along with a redesigned more functional dashboard. This new dashboard contains 20 percent of recycled plastic sourced from end-of-life vehicles through our subsidiary ‘The Future is NEUTRAL’. With a wide variety of products and full range of vehicles ‘converted by Renault’ directly at the plant, Renault Master became Europe's leading large van in early 2026."

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