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M&M and SML Isuzu: Strategy, Synergy, and Game Plan

Mahindra & Mahindra has acquired SML Isuzu, a key player in the small and medium sized CV market in India. But can this give the company its long-sought competitive edge.

By Shahkar Abidi & Ketan Thakkar

11 Jun 2025

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M&M and SML Isuzu: Strategy, Synergy, and Game Plan

In 2020, Mahindra & Mahindra (M&M), the Mumbaibased conglomerate synonymous with rugged SUVs and hardy farm equipment, articulated a clear vision: a transformation of its commercial vehicle (CV) business. The goal was ambitious – to mirror the market leadership it enjoyed in passenger vehicles and tractors within the highly competitive CV landscape. Five years into this strategic pivot, that vision is beginning to materialize, underscored by a pivotal development: the planned acquisition of SML Isuzu Ltd.

The conglomerate announced its intent to acquire the entire 43.96% stake held by the promoter Sumitomo Corporation and another 15% stake held by ...

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