The Competition Commission of India (CCI) on Tuesday approved Mahindra & Mahindra’s proposal to acquire 58.96 % of commercial‑vehicle maker SML Isuzu for Rs 555 crore, clearing the way for a wider takeover bid under Sebi rules.“The proposed combination relates to acquisition of SML Isuzu Ltd (Target) by Mahindra and Mahindra Ltd (acquirer),” CCI said in a release, quoted PTI.Confirming the decision on social platform X, the regulator added: “CCI approves the proposed combination involving acquisition of SML Isuzu Ltd by Mahindra and Mahindra Ltd.”Mahindra announced the deal in April, saying it would buy the entire 43.96 % stake held by promoter Sumitomo Corp and a separate 15 % held by public shareholder Isuzu Motors, for the same aggregate consideration of Rs 555 crore. The company will now launch an open offer for an additional 26 % stake in accordance with Sebi’s takeover code.Mahindra — flagship of the Mahindra Group with interests in automobiles, farm equipment and agri‑services — described the move as part of its “capital allocation strategy” to invest in high‑potential businesses with a proven track record of operational excellence.Established in 1983, SML Isuzu manufactures trucks and buses. Under Indian law, transactions above specified thresholds require CCI clearance to ensure they do not harm competition in the marketplace.
