Mahindra & Mahindra Share Price Surges on CCI Approval to Acquire 59% Stake in SML Isuzu

Mahindra & Mahindra Ltd. has received approval from the Competition Commission of India (CCI) for its proposed acquisition of SML Isuzu Ltd, as per the filing. The clearance was issued on June 17, 2025, under Section 31(1) of the Competition Act, 2002.

Transaction Structure

The deal includes the acquisition of a total 58.96% stake in SML Isuzu. This will be done through 2 separate transactions:

• 43.96% from Sumitomo Corporation, a promoter of SML Isuzu
• 15% from Isuzu Motors Ltd, a public shareholder

In line with SEBI’s takeover rules, M&M will also make an open offer to acquire up to 26% of SML Isuzu’s equity from public shareholders. The offer price is set at ₹1,554.60 per share.

SML Isuzu’s Financials and Market Position

As of FY24, SML Isuzu reported operating revenue of ₹2,196 crore and an EBITDA of ₹179 crore. The company holds a 16% market share in the Intermediate and Light Commercial Vehicle (ILCV) bus segment.

Mahindra & Mahindra Market Share 

M&M currently has a 3% share in the commercial vehicle (CV) segment above 3.5 tonnes. This acquisition is expected to increase that share to 6%. The company has indicated a target of 10-12% market share by FY31 and 20% by FY36.

With CCI’s unconditional approval in place, Mahindra is expected to proceed with the share purchase and the open offer process. A detailed order from the Commission will be released separately.

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Mahindra & Mahindra Share Price Performance 

As of 9:42 AM on June 18, 2025, Mahindra & Mahindra share price was trading at ₹3,066.20, a 1.96% increase; the stock has declined 1.42% over the past 6 months and is up 1.56% over the past year.

Conclusion

Mahindra has completed an important regulatory step in its acquisition of SML Isuzu. The process now moves forward with the open offer and finalisation of the transaction.

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