Mahindra & Mahindra Limited (NSEI:M&M) agreed to acquire 15% stake in SML Isuzu Limited (BSE:505192) from Isuzu Motors Limited (TSE:7202) for INR 1.4 billion on April 26, 2025. A cash consideration of INR 1.41 billion valued at INR 650 per share will be paid by Mahindra & Mahindra Limited. As part of consideration, INR 1.41 billion is paid towards common equity of SML Isuzu Limited. Post the closing of the deal, all necessary steps shall be taken to cause the change of name of the entity.
The transaction is subject to approval by regulatory board / committee, approval of offer by acquirer board, subject to antitrust regulations and subject to statutory approval. The Board of Directors of Isuzu Motors Limited shall be reconstituted to appoint nominee directors subject to receipt of shareholders' approval. The deal has been approved by the board. The deal is expected to be completed by December 2025. On June 17, 2025, the Competition Commission of India has approved the transaction.
Haigreve Khaitan, Ashraya Rao, Vidur Sinha, Arindam Ghosh, Gaurav Malhotra, Anvita Mishra, Mehul Shah, Anshuman Sakle, Sharad Abhyankar, Vanita Bhargava, Smriti Yadav and Avnish Sharma of Khaitan & Co. acted as legal advisor for Mahindra & Mahindra Limited. Kotak Mahindra Capital Company Limited acted as financial advisor for Mahindra & Mahindra Limited. MUFG Intime India Private Limited act as registrar for Mahindra & Mahindra Limited.
Mahindra & Mahindra Limited (NSEI:M&M) completed the acquisition of 15% stake in SML Isuzu Limited (BSE:505192) from Isuzu Motors Limited (TSE:7202) on August 1, 2025. On completion, Mahindra & Mahindra Limited holds 58.96% of the existing share capital of SML Isuzu Limited.
Mahindra and Mahindra Ltd is one of the Indian leaders in automotive construction. Net sales break down by activity as follows:
- sale of personal and commercial vehicles (61.9%): brands Scorpio, Bolero, Xylo, Logan, etc.;
- sale of agricultural tractors (34.1%);
- other (4%): primarily financial services, sale of two-wheelers and automotive parts, IT services and real estate development.
India accounts for 93.3% of net sales.
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