Mahindra gets CCI’s nod to acquire 59% stake in SML Isuzu for `555 crore

New Delhi: The Competition Commission of India (CCI) on Tuesday cleared Mahindra & Mahindra’s proposel to acquire nearly 59 per cent stake in commercial vehicle maker SML Isuzu for Rs 555 crore.

Mahindra & Mahindra in April announced the acquisition of a 58.96 per cent stake in SML Isuzu for Rs 555 crore. “The proposed combination relates to acquisition of SML Isuzu Ltd by Mahindra and Mahindra Ltd,” CCI said in a release. “CCI approves the proposed combination involving acquisition of SML Isuzu Ltd by Mahindra and Mahindra Ltd,” the regulator said on X.

In April, Mahindra & Mahindra said it would acquire the entire stake of 43.96 per cent held by Sumitomo Corporation, promoter of SML, and separately acquire a 15 per cent stake held by Isuzu Motors, public shareholder of SML, for an aggregate consideration of Rs 555 crore. Besides, the automaker said that it will make an open offer to acquire a 26 per cent stake in SML Isuzu in accordance with Sebi rules.