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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Pune-headquartered Force Motors has signed a Memorandum of Understanding (MoU) with the Ministry of Road Transport & Highways (MoRTH) to participate in the Commercial Vehicle Replacement Scheme for the Delhi-NCR region.

The scheme facilitates the replacement of BS-IV and older trucks and buses in Delhi-NCR with BS-VI or electric vehicles to lower emissions. Under the agreement, Force Motors will provide benefits to customers through its dealership network in the region.

Prasan Firodia, Managing Director, Force Motors, said, "Force Motors is pleased to partner with the Government of India in this important initiative to modernise the commercial vehicle fleet in the Delhi-NCR region. The scheme aligns with our commitment to delivering cleaner, more efficient mobility solutions. We look forward to enabling fleet operators and customers to transition to the latest generation of commercial vehicles through this collaborative initiative."

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Chennai-headquartered automotive major Ashok Leyland has inaugurated a new dealership for Light Commercial Vehicles (LCVs) in Ratnagiri. This facility is the 16th LCV dealership in Maharashtra, adding to a distribution network of 950 touchpoints across India.

The new dealership is operated by Lavekar Motors as a 3S (Sales, Service and Spares) facility, which features 8 service bays and is located near Mahanagar CNG Pump.

Viplav Shah, Head – LCV Business, Ashok Leyland Ltd. said, “Maharashtra has always been an important market for us, and we are excited to further strengthen our presence in this region. Our relationship with customers is built on trust, performance, and shared growth. Our products are known for their superior mileage, reliability, and performance with a robust network and an industry-leading service retention, we take pride in the continued confidence our customers place in us. The opening of this new dealership marks yet another step in our commitment to delivering world-class products and unmatched services to our valued customers.”

Till date, Ashok Leyland has sold over 600,000 LCVs in India, which are manufactured at the Hosur plant.

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US-headquartered electronic systems and technology company for commercial vehicles, buses, coaches, and off-highway equipment, Stoneridge, has announced its participation in IAA Transportation 2026.

The company is set to exhibit the EVO ECU platform, an electronic control unit designed to support the transition to software-defined vehicles (SDVs). The unit provides processing capability and connectivity, intended to manage vehicle complexity while reducing integration efforts and system costs.

Natalia Noblet, President and CEO, Stoneridge, said, “IAA Transportation will provide our first opportunity to showcase the significant advancements we have invested in to support our customers’ evolving needs. Our investments in engineering, software development, and customer-focused innovation are enabling us to deliver solutions that improve safety, simplify vehicle integration and increase operational efficiency.”

Stoneridge will also feature its Innovation Truck, a demonstrator vehicle equipped with an integrated vision solution and connected tractor and trailer technologies. The display follows the MirrorEye Camera Monitor System, for which the company has produced over 150,000 units. The demonstrator serves to show the integration of the company's technology portfolio for driver awareness and fleet operations.

Christian Leblanc, Global Vice-President of Product and Project Management, Stoneridge, said, “Vehicle architectures are evolving rapidly as manufacturers seek greater functionality, flexibility, and efficiency. EVO ECU has been designed to address these challenges by providing a high-performance platform that simplifies integration while enabling future expansion for emerging safety, security, and connectivity applications. Equally as importantly, the platform has been designed with commercial vehicle manufacturers in mind. It provides the scalability required to support future innovations while helping customers reduce complexity throughout sourcing, validation, and deployment.”

Stoneridge employs approximately 3,200 people. Its European operations include offices and technology centres in Sweden, the Netherlands, Estonia, France and the United Kingdom.

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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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