Mumbai-headquartered automotive major Mahindra & Mahindra has announced an ambitious growth plan for its commercial vehicle (CV) business, thanks to the recent strategic acquisition of a majority stake in SML Isuzu. The company aims to leverage this acquisition to accelerate its ‘Deliver Scale’ strategy across segments where it believes it has a strong ‘right to win.’

Dr Anish Shah, Managing Director and CEO, Mahindra Group, emphasised that the group’s disciplined focus on capital allocation remains intact. "We have seen significant growth across several businesses, and now, as we enter our third phase, the focus is on delivering scale," he said.

Shah also noted that Mahindra has turned around its CV business, once under scrutiny five years ago, and sees the acquisition of SML Isuzu as a strategic opportunity to cement its position further.

Today, Mahindra is the market leader in SUVs with a 23 percent market share and ranks fifth in the CV segment above 3.5 tonnes with a 3 percent share. Through the acquisition, Mahindra aims to become a more formidable player in the CV space.

"We are targeting a combined market share of 10-12 percent by FY2031 and over 20 percent by FY2036," said Rajesh Jejurikar, Executive Director and CEO – Auto and Farm Sectors, Mahindra & Mahindra. He acknowledged that Mahindra’s CV share, which stood at around 4-5 percent in FY2020, had dropped due to the impact of Covid-19. However, with renewed focus, especially in the LCV and ILCV segments, Mahindra is planning an aggressive recovery.

SML Isuzu brings strength in the intermediate LCV bus segment, holding a 16 percent market share. Mahindra expects that, combined, they could command a 21 percent share. "The synergies are substantial across cost structures, platforms, aggregates, supplier networks, and operations," Jejurikar added.

Growth, Not Cost-Cutting

Mahindra leaders were clear that the SML Isuzu acquisition is not about cost-cutting, but about building scale. "This deal is about growth, not about taking costs out," stressed Amarjyoti Barua, Chief Financial Officer, Mahindra Group. He highlighted that SML Isuzu will remain a separately listed entity and that Mahindra has no plans to rebrand it under the Swaraj name, even though it sees potential for the Swaraj brand in certain export markets.

Financially, Mahindra believes the deal makes strategic sense. Shah pointed out that the SML Isuzu business will be self-sustaining in generating cash for future investments.

The company sees SML Isuzu's operations as a ‘well-run and frugal factory,’ with most future investments primarily required to ramp up capacity.

Vinod Sahay, President - Aerospace & Defence, Trucks, Buses & CE, Mahindra, underlined how the product portfolios of Mahindra and SML Isuzu complement each other. SML Isuzu, for instance, is at an advanced stage in developing electric buses for school, staff and executive coach applications, an area where Mahindra's electrification expertise can add substantial value.

Sahay further highlighted how combining Mahindra and SML Isuzu’s supplier ecosystems will strengthen bargaining power, especially in critical areas like tyres, batteries and key aggregates. While Mahindra boasts strong sourcing power in tyres and batteries, SML Isuzu has an edge in CV parts.

Product synergy is another opportunity. SML’s strong CNG product line and Mahindra’s newer Furio and Cruzio models – offering 8-10 percent better fuel efficiency – will allow the combined business to offer compelling choices to customers across the LCV, ILCV and M&HCV categories.

With over 200 dealers and 400 touchpoints between them, Mahindra plans to optimise and expand network coverage for a wider reach.

While Mahindra is bullish on growth, Shah made it clear that there are no immediate plans for further acquisitions. "Now the business must prove itself," he said, reiterating the company’s strategic belief in building businesses that have a clear right to win, strong financial metrics and differentiated products.

Looking ahead, Mahindra is betting that a stable yet evolving CV market – especially in buses and light trucks, which the management stated will provide the runway needed for long-term growth, as the group consolidates its position as a dominant player across automotive categories.

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Chennai-headquartered commercial vehicle major Ashok Leyland has bagged a order to deliver 250 trucks to Patanjali Parivahan, a key logistics player in North India.

At present, Patanjali Parivahan has a fleet of around 1,000 trucks and has placed a significant order to Ashok Leyland. The CV maker has initially supplied the first batch of 25 units of 1916 haulage trucks to the company.

The first batch of deliveries was done by Sanjeev Kumar, President – MHCV, Ashok Leyland, who handed over the keys to Ram Bharat, Founder, Patanjali Parivahan, in the presence of senior executives from both organisations.

Sanjeev Kumar, President – MHCV, Ashok Leyland, said, “We are thrilled to deliver the first batch of 1916 haulage trucks to Patanjali Parivahan. This partnership reflects their trust in our brand and products, reinforcing our commitment to meeting the evolving needs of customers in the dynamic commercial vehicle sector. Our relationship with Patanjali began in 2014 with the addition of 20 trucks, marking the foundation of a strong and growing collaboration. As Ashok Leyland continues to expand and lead in the commercial vehicle industry, collaborations like these pave the way for a more efficient and progressive logistics sector. The company remains committed to pushing the boundaries of innovation and offering cutting-edge technologies and outstanding customer experience.”

Ram Bharat, said, “We have complete trust in the quality and performance of Ashok Leyland trucks. Their outstanding after-sales support ensures seamless operations for us, while their growing service network further enhances our capabilities. This delivery represents more than just new trucks—it signifies a deepening partnership aimed at advancing logistics efficiency. With Ashok Leyland’s dedication to innovation and our forward-thinking approach to transportation, we look forward to continued success on the road.”

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Mumbai-based electric commercial vehicle start-up Astro Motors has launched marked its entry in the L5 cargo and passenger segment with Navya and Nova e-three-wheelers respectively.

The company claims it is India's first company to introduce a geared electric commercial three-wheeler. While the technical specifications has not yet been revealed, the company said its electric three-wheeler offerings are currently undergoing homologation with a launched plan for July 2025. Going forward, it also has outlined an ambition to unveil a four-wheeler modular skateboard chassis by early FY2026. The plan is to license the platform and powertrain to other OEMs.

The start-up has a manufacturing unit in Chakan, Pune and recently component supplier Remsons Industries acquired a 51.01 percent stake in Astro Motors.

Vitan Jagada, Founder & CEO, Astro Motors, said, "Targeting both B2B and B2C markets, we envisage rapid domestic scaling via fleet partnerships and a wide distribution network. We are also looking at expansion into emerging global markets like Africa, Southeast Asia and Latin America, before entering mature economies.”

The start-up recently signed up dealers and financial partners in key markets such as Pune, Bhavnagar and Jammu with 5 more being signed on across key centres in Uttar Pradesh, Delhi NCR and Maharashtra. Its strategic financial partnerships include MUFIN Greenfinance, RiseWise Capital and Perpetuity Capital.

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VE Commercial Vehicles (VECV) has inked a Memorandum of Understanding (MoU) with Statiq, a leading EV charging solutions provider, to drive adoption of its electric vehicle offerings, starting with the Eicher Pro X range of Small Commercial Vehicles.

As per the understanding, Statiq is set to become one of VECV’s preferred EV charging network partners, wherein it will provide access to its growing network of over 8,000 charging points on it’s aggregated platform across the country. The partners will also integrate Statiq’s extensive network with My Eicher app, an industry-first connected fleet management solution, to provide real-time visibility of charging stations, intelligent navigation assistance and tariff transparency. VECV customers will also benefit from promotion offers and preferential tariffs.

Abhishek Chaudhary, SVP, Sales & Marketing, Small Commercial Vehicles, VECV, said, “Our partnership with Statiq marks a significant step forward in strengthening the EV ecosystem for commercial transportation in India. By offering an integrated solution to customers through the industry leading MyEicher App, we aim to deliver a hassle-free and reliable experience to our customers. This collaboration will also empower Eicher Pro X electric customers with enhanced convenience, confidence, and operational efficiency, accelerating the shift towards sustainable transportation.”

Akshit Bansal, CEO & Founder, Statiq, said, “Our partnership with VE Commercial Vehicles is a milestone in our journey to create a strong and efficient EV charging ecosystem for commercial vehicles in India. By integrating our expansive charging network with VECV’s MyEicher, we aim to provide users with a seamless, tech-driven charging experience that removes barriers to EV adoption. With this initiative, we are committed to enabling a smoother, faster transition to electric mobility for commercial vehicle operators.”

The partners also to setup a robust support ecosystem, which includes call centre access, service ticket management, troubleshooting, repairs and ongoing maintenance services to ensure uninterrupted vehicle operations. A dedicated Point of Contact (POC) system will also be implemented under shared responsibility.

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Tata Motors, one of the world’s leading automobile manufacturers, has inked a new partnership with along with MM Group for Industry and International Trade (MTI) to introduce its commercial vehicle range in Egypt.

As part of the understanding, Tata Motors will leverage MTI’s strategically located service touchpoints and network to support its CV customers in the region. The CV maker is set to introduce its range of cargo and passenger segments such as – Tata Xenon, Ultra T.7, Ultra T.9, Prima 3328.K, Prima 4438.S, Prima 6038.S and LP 613 bus that it believes will support Egypt’s infrastructure growth, rising urbanisation and expanding logistics sector.

Asif Shamim, Head, International Business, Tata Motors Commercial Vehicles, said, “Egypt is a pivotal market for Tata Motors, driven by its expanding infrastructure and the growing demand for reliable mobility solutions. With decades of experience in delivering advanced commercial vehicles across diverse geographies, we are confident that our offerings – from pickups, heavy trucks to buses will cater to the varied needs of fleet owners and businesses in the market. Designed for superior performance, fuel efficiency and high uptime, our vehicles enable greater productivity and profitability. We aim to further strengthen the portfolio with new introductions at regular intervals to address evolving customer requirements. Backed by MTI’s strong market insight and nationwide network, we are committed to creating lasting value in the country."

Khaled Mahmoud, CEO, MTI, added, “The introduction of Tata Motors’ world-class commercial vehicles in Egypt marks a key milestone in the country’s transport and logistics sector. With this launch, we are bringing trusted solutions catering to diverse applications and demanding conditions. Our focus will be on ensuring a superior ownership experience through MTI’s robust after-sales network. We value our partnership with Tata Motors and are confident that, together, we will set new benchmarks in efficiency, durability and customer excellence in Egypt’s commercial vehicle market." 

Tata Motors will provide an extended warranty of up to 5 years or 150,000 km on the Xenon and the Ultra range, along with a Scheduled Service Package.

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