Mahindra & Mahindra (M&M) has entered into an agreement to acquire a 58.96% stake in SML Isuzu Ltd., a manufacturer of trucks and buses, for ₹555 crore (approximately $65 million). The acquisition price is set at ₹650 per share, representing a discounted valuation. M&M will purchase shares from Sumitomo Corporation (43.96%) and Isuzu Motors (15%) and plans to launch an open offer for an additional 26% stake. The deal aims to strengthen M&M's position in the commercial vehicles segment, particularly trucks and buses. Following the announcement, SML Isuzu's shares fell 10% to ₹1,590.05, while M&M's shares rose by 1.8%. M&M management described the acquisition as a strong strategic fit and expressed ambitions to regain market share lost during the COVID-19 pandemic, targeting a 10-12% market share by fiscal year 2031 and over 20% by fiscal year 2036. The company intends to keep SML Isuzu as a listed entity and does not plan further acquisitions in the near term. Brokerage firms, including Citi and Morgan Stanley, have reacted positively, with Citi maintaining a 'buy' rating on M&M in light of the acquisition.