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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Automotive and aerospace component manufacturer Belrise Industries has announced the acquisition of the Tipper Body Business of Hyva India, a subsidiary of JOST Werke.

The transaction carries a total purchase consideration of approximately USD 5.65 million, representing an Enterprise Value to EBITDA multiple of approximately 3.60x.

Hyva India manufactures tipping solutions used across construction, mining, defence and infrastructure sectors, supplying the top five commercial vehicle original equipment manufacturers in India. The business reported EBITDA of approximately USD 1.57 million for calendar year 2025, alongside a return on average capital employed of around 20 percent.

Through the acquisition, Belrise expands its manufacturing footprint by adding three production plants located in Pune, Jamshedpur and Bengaluru. The deal also incorporates a European commercial vehicle original equipment manufacturer into Belrise's client portfolio as part of its positioning as a Tier-0.5 supplier.

Swastid Badve, General Manager, Belrise Industries, said, “We are pleased to welcome Hyva India’s Tipper Body Business into the Belrise family. This acquisition is a strong strategic fit and complements our manufacturing and engineering strengths. It enhances our position in the commercial vehicle value chain and supports our vision of becoming a diversified, global mobility solutions provider. Belrise remains committed to ensuring a seamless transition for customers, employees, suppliers, and business partners, while investing in the future growth and development of the business.”

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Logistics company Flytta Green has introduced a fleet of heavy-duty electric trucks for Dalmia Cement's clinker transportation operations in Assam. The deployment is being executed in partnership with Drivn, which is providing financing and leasing options for the vehicles.

The initiative follows Flytta Green's introduction of retrofitted electric trucks for Dalmia Cement in October 2025. The company's strategy focuses on deploying new electric trucks with a gross vehicle weight of 55-tonnes and above, alongside developing charging infrastructure and exploring solar power integration for fleet operations.

The initial delivery of 15 trucks, manufactured by Montra Electric, was completed last week. An additional 45 vehicles are scheduled for delivery during August and September.

Flytta Green has received expressions of interest for approximately 1,000 heavy-duty electric trucks, with planned deployments spanning the next 18 months across the cement, mining and metals sectors. The initiative is being managed by Ashwin Dichpally, Chief Operating Officer of Flytta Green.

In collaboration with Drivn, Flytta Green plans to deploy 200 trucks during the current financial year, with financing for subsequent vehicles to be funded by international investors. Deployment operations will prioritise the North-East, East and South-East regions of India.

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Switch Mobility, the electric vehicle subsidiary of Hinduja Group, has secured an order to supply 650 electric buses to transport operator Sai Green Projects. The e-buses will be deployed for public transit operations in Mumbai and Pune under Phase II of the Government of India's PM E-Drive scheme.

Under the supply agreement, Switch Mobility will deliver 9-metre electric buses procured through the CESL PM E-Drive Phase II tender framework. Sai Green Projects won the operational rights to run the fleet, which comprises air-conditioned and non-air-conditioned variants. The buses will serve routes managed by the Brihanmumbai Electric Supply and Transport (BEST) undertaking in Mumbai and Pune Mahanagar Parivahan Mahamandal (PMPML) in Pune.

Ganesh Mani, Chief Executive Officer, Switch Mobility, said, "The deployment of 650 electric buses is a significant step towards India’s ambition to reduce emissions, improve operating economics, and modernise public transport systems. At Switch Mobility, we remain focused on delivering reliable and efficient electric mobility solutions that enable operators to transition towards cleaner public transport while ensuring a superior passenger experience. With a growing product portfolio, we are well positioned to support the evolving mobility requirements of cities across India."

"We are pleased to partner with Sai Green Projects in supporting large-scale deployments in Mumbai and Pune under the PM E-Drive initiative. This is the beginning of a long-term partnership where we look forward to covering many green miles together," added Mani.

RG Venkataraman, Chief Commercial Officer, Switch Mobility, said, "This development is a strong testament to our commercial proposition and our ability to deliver at scale for operators across the country. At Switch Mobility, we go way beyond manufacturing great products. Our focus is to make sustainability commercially viable to the operators so they can run efficient, profitable fleets."

Vikas Gupta, CEO, Sai Green Projects, said, "Sustainable living is at the core of what we do at Sai Green Projects. We are proud to partner with a leading OEM like Switch Mobility to take India's vision for clean, efficient, and future-ready public mobility forward. We are confident that these electric buses will enhance the everyday experience of commuters in Mumbai and Pune."

The contract expands Switch Mobility's operational footprint in India, where the manufacturer has supplied over 2,500 electric buses to date across city, intercity and specialised transport segments.

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Chennai-headquartered commercial vehicle major Ashok Leyland has signed a Memorandum of Understanding with Shriram Automall India to establish a platform for certified pre-owned CVs. The agreement was signed by Viplav Shah, Head - LCV, Ashok Leyland and Sameer Malhotra, Director & CEO, SAMIL.

The partnership combines Ashok Leyland's commercial vehicle network with Shriram Automall's auction and remarketing infrastructure to facilitate vehicle exchange, disposal and inspection services for fleet operators and single-truck owners across India.

Viplav Shah, said, “We are delighted to partner with Shriram Automall to strengthen our presence in the pre-owned commercial vehicle market. As we continue our journey towards becoming a comprehensive mobility solutions provider, this collaboration marks an important step in expanding our footprint across the entire commercial vehicle lifecycle. By combining Ashok Leyland's deep expertise in the commercial vehicle industry with Shriram Automall's strong network and customer base in the used vehicle segment, we aim to create greater value and a seamless ownership experience for customers.”

Sameer Malhotra, said, "At SAMIL, our vision has always been to build an organised and trusted marketplace for pre-owned vehicles, equipment, and other assets in India. Partnering with Ashok Leyland marks another significant milestone in that journey. Ashok Leyland has earned the trust of millions through its quality, durability, and innovation, and we are proud to collaborate with such an iconic brand. Together, we aim to create greater value for customers by providing a transparent, efficient, and reliable platform that simplifies the buying and selling of pre-owned commercial vehicles across the country."

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