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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New Holland, a brand of CNH Group, has expanded its farm mechanisation portfolio in India with the launch of its new HD and XHD Series Rotary Tillers (Rotavators). The new range is manufactured at the company’s facility in Pune.

The equipment is designed for diverse soil types and agro-climatic zones, aiming to improve soil preparation, productivity, and field performance. A high swing diameter facilitates deeper tillage, improving seed-to-soil contact. The heavy-duty multi-speed gearbox allows farmers to adjust operations based on specific soil conditions, which the company states helps optimise fuel use and save time. The units incorporate Metal Twin-Faced (MTF) seals to protect the rotor hub from water ingress, and utilise DTM paint technology for corrosion resistance.

Tarun Khanna, Director Marketing (AG) India, New Holland, said, "Farm mechanisation is increasingly becoming a key driver of agricultural productivity and efficiency in India. As farmers look for equipment that can deliver superior performance, durability and operational efficiency, the demand for reliable mechanisation solutions continues to grow. The launch of our HD and XHD Series Rotary Tillers reinforces New Holland's commitment to supporting Indian farmers with advanced implements that are engineered for demanding field conditions and designed to enhance productivity."

Following the national unveiling at the company's Greater Noida facility, New Holland plans to introduce the range through a series of dealer-level launches across India. This release is part of the brand’s broader strategy to offer a comprehensive suite of agricultural implements to support modern farming practices.

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Chartered Speed is deploying nearly 3,000 electric buses across 18 cities in India as part of the Pradhan Mantri e-Bus Sewa & e-Drive Scheme. The company aims to enhance public transportation in Tier-II and Tier-III cities, with the full network projected to cover 200 million kilometres annually.

To support these operations, Chartered Speed has implemented a technology-led infrastructure, including a Command & Control Centre for fleet monitoring and structured training programmes for drivers.

The company has already commenced operations with 55 electric buses, including 25 nine-metre buses (27-seaters) and 30 seven-metre buses (22-seaters) in Shillong, Meghalaya. The launch was led by Chief Minister Conrad K. Sangma.

Furthermore, in Rajasthan, it is managing an order for 876 buses across the state, with initial operations started for 29 buses in Jaipur and 18 buses in Bhilwara, inaugurated by Chief Minister Bhajan Lal Sharma.

Sanyam Gandhi, Whole-Time Director, Chartered Speed, said, "The commencement of electric bus operations in Shillong, Jaipur and Bhilwara marks an important milestone in our larger vision of deploying 3,000 electric buses across 18 cities under the PM e-Bus Sewa & e-Drive Scheme. These deployments reflect the growing momentum of electric mobility adoption across India and reinforce our commitment to delivering reliable, efficient and environmentally responsible transportation solutions. Through continued partnerships with state governments and transport authorities, we aim to make public transit cleaner, more accessible and more efficient while contributing meaningfully to India’s clean mobility journey."

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Mumbai-headquartered commercial vehicle major Tata Motors has secured orders for more than 3,400 electric commercial vehicles (eCVs), covering freight, logistics and passenger mobility sectors. The orders include approximately 2,000 small commercial vehicles (SCVs) & pick-ups, 900 trucks and 500 buses.

The eCVs will be deployed across industries, including e-commerce, logistics, FMCG, FMCD distribution, intra-city transport, mining and inter-city passenger travel.

The company stated that electric mobility in commercial vehicles is shifting from early adoption to large-scale deployment in India, with usage expanding across segments and real-world applications.

Tata Motors stated that it is leading this transition with the widest portfolio of electric commercial vehicles, supported by an enabling ecosystem that ensures electrification is both practical and profitable. Beyond vehicles, the company is partnering closely with fleet owners and customers to optimise performance, uptime, charging and financing across the entire lifecycle. As adoption of electric commercial vehicles deepens, Tata Motors remains focused on delivering customised, end-to-end solutions that enable customers to transition confidently and seamlessly to zero-emission mobility.

Portfolio Expansion

Over the past 12 months, Tata Motors has expanded its eCV portfolio to include Ace Pro EV, Ace EV, and Intra EV for distribution in the Small Commercial Vehicles segment.

Ultra EV range (7-12T), Prima EV 55T tractor and Prima EV 28T tipper in the Intermediate and Heavy-Duty segment. For passenger mobility, it has introduced the Starbus EV and Ultra EV buses.

Till date, Tata Motors has over 3,800 electric buses in operation, which have covered a cumulative distance of more than 550 million kilometres. Additionally, there are over 17,000 Tata eSCVs on the road.

To support the adoption of these vehicles, the company has established a charging network through partnerships with over 14 charge point operators, alongside financing solutions, fleet management tools via Fleet Edge and uptime assurance programmes.

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Prawaas 5.0, India’s premier multimodal passenger mobility event, is scheduled to take place from 9–11 July 2026 at the Helipad Exhibition Centre (HEC) in Gandhinagar, Gujarat.

Guided by the central theme, ‘Towards Safe, Smart & Sustainable Public Transport,’ the flagship event will gather government authorities, fleet operators, original equipment manufacturers (OEMs), technology developers and investors to accelerate the adoption of integrated, efficient and environmentally responsible public transit systems.

The 5^th edition of the event is organised by the Bus and Car Operators Confederation of India (BOCI) and is hosted by the Akhil Gujarat Pravasi Vahan Sanchalak Mahamandal and co-hosted by both the Gujarat Luxury Cab Owners Association and the Gujarat Tourist Vehicles Operators Association. MM Activ Sci-Tech Communications serves as the event curator.

As India's transit sector undergoes a structural transformation driven by electrification, regulatory safety updates, and digital network integration, Prawaas 5.0 aims to serve as a catalyst for fostering dialogue between state transport undertakings, central policymakers and private fleet operators.

The event will also showcase intelligent transport systems (ITS), digital ticketing frameworks, AI-driven fleet telematics and clean-energy mobility solutions.

It provides an on-ground platform for new vehicle product launches, strategic business matchmaking and infrastructure investment.

Building upon its previous editions, the three-day convention is projected to secure comprehensive representation from all 36 Indian States and Union Territories. The last edition attracted over 15,000 industry professionals, more than 10,000 bus & car operators and featured over 300 leading mobility companies.  The event was attended by more than 1,500 delegates, supported by over 60 expert speakers across technical panels and industry conferences.

The large-scale exhibition will serve as an interactive arena for stakeholders across the commercial mobility value chain to address current operating challenges, such as unit economics and infrastructure constraints, while establishing partnerships to modernise India's passenger transport network.

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