Mahindra & Mahindra isn’t just buying trucks. With SML Isuzu likely under its control by end-2025 and Swaraj Engines already in the fold, the company may be laying the groundwork for a rural logistics overhaul.The ₹5.55 billion acquisition of a 58.96% stake in SML Isuzu gives M&M a touchstone moment to get a strong foothold in heavier commercial vehicles, a segment where it has long been a fringe player. M&M dominates the sub-3.5 tonne light commercial vehicle segment with a 52% market share but has just 3% in heavier trucks. SML Isuzu lifts this to 6% overnight, with a target of 10–12% by 2030–31.
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