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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Volvo Buses India, a business unit of VE Commercial Vehicles, has unveiled the Volvo 9600 Seater-Sleeper coach at the Prawaas 5.0 exhibition in Gandhinagar. It is designed to combine seating and sleeper configurations in a single platform for intercity, tourism and pilgrimage routes.

The 15-metre coach accommodates 51 passengers, featuring 24 upper-deck sleeper berths and 27 lower-deck seats equipped with calf support. It is powered by the Volvo VEDX8 engine and utilises an I-shift transmission. The interior includes an integrated kitchenette, an onboard toilet, mobile charging points and entertainment systems.

S S Gill, Chief Commercial Officer, VE Commercial Vehicles, said, “India's bus industry is evolving rapidly, with rising passenger expectations for premium travel experiences and operators seeking higher productivity and operational efficiency. At Volvo Buses India, we continue to shape the future of mobility by combining globally proven engineering with innovations that address evolving needs of the Indian market. The Volvo 9600 Seater-Sleeper expands our premium coach portfolio with a flexible solution that meets customer expectations for safety, comfort and luxury."

Suresh Chettiar, Executive Vice-President – Bus Division, VE Commercial Vehicles, added, "The Volvo 9600 platform has been widely appreciated for setting new standards in luxury, safety and passenger comfort. Building on that success, we are introducing the Volvo 9600 Seater-Sleeper to meet the growing demand for more flexible premium travel solutions. Featuring 24 upper sleeper berths and 27 premium lower-deck seats with calf support, the new coach enables operators to efficiently cater to both short- and long-distance routes while delivering an elevated travel experience for passengers."

The vehicle introduces safety features, including a 360-degree camera system and camera-based electronic rear-view mirrors. It also includes a tyre pressure monitoring system, a driver state monitoring system to detect fatigue and an alcohol interlock system. The coach is equipped with a telematics solution for real-time monitoring of vehicle location, performance and fuel consumption.

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The Prawaas 5.0 exhibition, an event focused on the public transport industry, has opened at the Helipad Exhibition Centre in Gandhinagar, Gujarat. Scheduled from 9–11 July 2026, the exhibition is organised by the Bus & Car Operators Confederation of India (BOCI) to coincide with its 10th anniversary.

The event, held under the theme ‘Towards Safe, Smart & Sustainable Passenger Mobility,’ brings together manufacturers, technology providers, and operators. Exhibitors include companies such as Tata Motors, VE Commercial Vehicles, Daimler, JBM, Force Motors, EKA Mobility, Switch Mobility and Sun Mobility, among others.

The exhibition showcases a range of technologies and solutions across the transport value chain, including electric vehicles, charging infrastructure, fleet management systems and digital platforms. The event aims to serve as a platform for industry stakeholders, including fleet owners, state transport undertakings and policymakers, to discuss developments in the sector.

The inauguration was led by Miraben Patel, Mayor of Gandhinagar and Kaushik Jain, MLA of Dariapur. Over the three-day programme, the exhibition will host product launches, conferences and business meetings intended to facilitate collaboration within the passenger transport sector.

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SWITCH Mobility has introduced the SWITCH EiV9, a 9-metre electric bus, at the Prawaas 5.0 exhibition in Gandhinagar. The e-bus is designed for city transit, employee transportation, and school mobility.

It uses a Permanent Magnet Variable Reluctance (PMVR) motor that provides 213 kW of peak power. The Switch EiV9 features battery pack options, regenerative braking and dual-gun CCS2 charging. Safety features include a Fire Detection and Suppression System (FDSS) and disc brakes on the front and rear axles. The passenger cabin is equipped with air suspension, seating and USB charging points.

Ganesh Mani, CEO, Switch Mobility, said, "The launch of the all-new Switch EiV9 marks an important milestone in our growth journey as we strengthen our presence across key public and institutional mobility segments. We see strong momentum in this category, with the 9m electric bus market expected to grow at a CAGR of nearly 34% by FY30, driven by increasing demand. The EiV9 has been purpose-built to deliver what operators value most: higher efficiency, superior passenger comfort, advanced safety and lower operating costs. It represents our commitment to developing solutions that not only accelerate the adoption of electric mobility but also create tangible business value for our customers. At Switch Mobility, we believe the transition to cleaner transportation will be driven by practical choices that make both environmental and economic sense. This philosophy is reflected in our new #SwitchKaro campaign, which encourages fleet operators and businesses to make the switch to smarter, more sustainable mobility solutions."

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Daimler India Commercial Vehicles (DICV), a wholly owned subsidiary of Daimler Truck AG, has unveiled the BharatBenz Torqshift 1926 AMT heavy duty bus chassis for intercity transportation. It has also launched the BharatBenz 917, an eight-metre fully built bus designed for India's growing compact-bus segment.

The Torqshift AMT tech comes to buses after doing duty in BharatBenz trucks. It is a globally proven AMT system that draws good amount of knowhow from Daimler’s Brazilian operations in terms of engineering and integration, according to sources aware of the development.

The AMT is coupled with the 260 hp engine of the 1926 bus chassis and automatically selects the optimum gear based on driving conditions, eliminating the need to continuously operate the clutch and gears. Aiding driving on congested urban roads and difficult terrains where manual shifting adds to driver strain over long shifts, the AMT increases safety. It is part of the powertrain that also includes a five-stage electromagnetic retarder.

The salient points of the AMT include intelligent eco roll for smarter coasting and reduced fuel consumption; multiple drive modes; one touch control, and clutch overload monitoring.

Speaking at the unveiling event, Andamuthu Ponnusamy, Head of Bus Business, Daimler India Commercial Vehicles said, "Fleet operators run on tight margins, and every hour a bus is off the road costs money. The BharatBenz Torqshift 1926 gives drivers an easier, more consistent ride while cutting downtime and lifecycle costs —this kind of improvement shows up directly for fleet operators margins."

Aimed at school, staff and institutional transportation requirements, the new eight-metre BharatBenz bus, called the 917, incorporates Daimler’s experience from catering to the above mentioned segments through its nine-metre long buses with an emphasis on safety, efficiency and comfort. Its features include Anti-lock Braking System (ABS); Electronic Vehicle Stability Control (EVSC); highest roll-over angle aiding best-in-class stability; seat belts for all passengers; largest emergency door in the segment; highly reliable fire alarm and fire protection system, optional PM2.5 air purification (Premium HEPA filter); retractable lower footstep for easy ingress; ergonomic and comfortable seating; powerful air-conditioning, anti-skid flooring and under-seat storage.

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