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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Piaggio Vehicles, one of the leading two-wheeler and three-wheeler manufacturers, has expanded its electric passenger portfolio with the launch of the Ape WavE L3 electric three-wheeler at INR 255,000 (ex-showroom Pune).

The Ape WavE is powered by a 5.4 kWh battery, a 3 kW motor and provides 25 Nm of torque. It reaches a top speed of 40 kmph, features 19 percent gradeability and offers a certified range of 140 km and a claimed real-world range of 110 km. The charging time for the electric three-wheeler is said to be 3 hours and 45 minutes.

The electric three-wheeler features a monocoque chassis & metal body and ground clearance of 180 mm.

Diego Graffi, Chairman & MD, Piaggio Vehicles, said, “India’s electric mobility landscape is evolving rapidly, particularly in the passenger three-wheeler category where customers are looking for dependable and economically viable solutions. With the Ape WavE, we are introducing a product that has been developed specifically to meet the needs of drivers seeking affordable ownership along with superior comfort, safety, and operational reliability. The vehicle reflects our understanding of Indian mobility requirements and reinforces our commitment towards sustainable transportation and livelihood generation across the country.”

Amit Sagar, Executive Vice-President CV Domestic Business and Retail Finance, Piaggio Vehicles, added, “The passenger EV segment continues to witness strong demand, particularly in markets where shared mobility and short-distance transportation play an important role in daily commuting. The Ape WavE has been designed to offer customers an ideal balance between acquisition cost, operational savings, and passenger experience. With robust build quality, low maintenance requirements, strong ride comfort, and trusted Ape reliability, the vehicle is expected to create a strong value proposition for drivers and fleet operators alike.”

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Mumbai-headquartered automotive major Mahindra Tractors has launched its latest product offering the YuvoTech+ 585 DI V1 in 2WD and 4WD options.

The tractor is powered by a mBULL engine and features a 12F + 3R transmission system, Multi-Speed PTO and a SLIPTO dual-clutch mechanism. It includes a hydraulic system for implements and is designed with power steering and an operator platform.

Harsh Rai, CEO, Mahindra Tractors, said, "We are proud to launch the YuvoTech+ 585 DI V1 across India following its successful introduction in select markets. Built on our fast-growing YuvoTech platform, this tractor combines advanced technology with robust performance and practical features. Its strong acceptance highlights our commitment to delivering quality, durability, and long-term value to farmers. With this nationwide rollout, we aim to empower farmers with a reliable and adaptable solution for their evolving needs."

The tractor is sold with a 6-year warranty through Mahindra dealerships across India.

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Chennai-headquartered commercial vehicle major Ashok Leyland has partnered with Rosmerta Recycling to facilitate the scrappage of end-of-life commercial vehicles.

The collaboration aims to support the Government of India’s Voluntary Vehicle Modernisation Program and the Naya Safar Scheme, which targets the reduction of transport emissions in the Delhi-NCR region.

As part of the understanding, Ashok Leyland will use its dealer network to provide customers with access to Rosmerta Recycling’s Registered Vehicle Scrapping Facilities. This service includes support for deregistration and statutory documentation. Customers availing the scrappage service can receive value for their vehicles, discounts on new purchases and waivers on road tax and registration fees in accordance with government policy.

Madhavi Deshmukh, National Sales Head, Ashok Leyland, said, "India has a significant population of ageing commercial vehicles, making an organised, transparent and customer-friendly scrappage ecosystem essential. Through our partnership with Rosmerta Recycling, we are making responsible vehicle disposal simpler while enabling customers to transition to newer, cleaner and more efficient commercial vehicles. This collaboration reinforces Ashok Leyland's commitment to sustainable mobility, circular economy principles and reducing emissions across the vehicle lifecycle."

Kartick Nagpal, President, Rosmerta Group, stated, "Our partnership with Ashok Leyland comes at a pivotal time, as the Government's recently approved commercial vehicle replacement initiatives are expected to accelerate organised vehicle scrappage across India. The mandatory scrappage of BS-III and older commercial vehicles through authorised RVSFs – covering an estimated 207,000 vehicles in Delhi-NCR – is a significant step towards cleaner mobility and a stronger circular economy. At Rosmerta Recycling, we remain committed to scientific dismantling, maximising material recovery, and maintaining the highest environmental and regulatory standards to build a sustainable vehicle recycling ecosystem.”

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The Ministry of Road Transport and Highways (MoRTH) and Eicher Trucks & Buses, a division of VE Commercial Vehicles (VECV), have signed a Memorandum of Understanding (MoU) regarding the replacement scheme for commercial vehicles in the Delhi-NCR region.

Under the agreement, Eicher Trucks & Buses will provide an 8 percent discount on the ex-showroom price of eligible vehicles. CV customers can also receive additional support regarding motor vehicle tax, registration fees, interest subvention and fuel benefits, as defined by the scheme criteria. The process will be managed through a digital platform integrated with the VAHAN database and the vehicle scrapping ecosystem.

S S Gill, Chief Commercial Officer, VE Commercial Vehicles, said, “For over 4 decades, Eicher Trucks and Buses customers have driven modernisation in the Indian CV industry. Carrying this tradition, Eicher Trucks and Buses is pleased to join hands with the Ministry of Road Transport and Highways on their path-breaking policy to replace old and polluting vehicles from the NCR region. Eicher customers will gain from the substantial incentives offered by the Government of India and State Governments of Delhi, Haryana, Uttar Pradesh and Rajasthan under this program."

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