SML Isuzu's Strategic Transformation in Motion

*SML Isuzu’s Strategic Transformation in Motion In a landmark deal that underscores the evolving dynamics of India’s automotive sector, Mahindra & Mahindra’s acquisition of a majority stake in SML Isuzu signals not just consolidation—but a bold new chapter. our publication speaks with Rajesh Jejurikar, Executive Director and CEO of the Auto and Farm Sector at Mahindra & Mahindra, about leadership, strategy, and the road ahead.

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our publication: The acquisition of SML Isuzu is one of the most significant moves in the Indian automotive landscape this year. What strategic vision led to this decision?

Rajesh Jejurikar: The Indian automotive sector is at an inflection point. With policy reforms, a surge in infrastructure development, and a growing demand for sustainable mobility, the next decade promises transformative opportunities. Acquiring SML Isuzu aligns perfectly with Mahindra’s long-term vision to strengthen our presence in the commercial vehicles segment, especially in the bus and school transport markets. SML brings a strong legacy, deep customer loyalty, and a product portfolio that complements our own. It’s not just an acquisition—it’s a strategic convergence of capabilities and cultures.

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CSM: SML Isuzu has a unique heritage rooted in national interest and public-private collaboration. How does Mahindra plan to honor and evolve that legacy?

RJ: SML Isuzu has always stood for reliability, innovation, and service to society. From its origins as Swaraj Vehicles in 1983 to becoming a trusted name in school buses and light commercial vehicles, the company has played a vital role in India’s transportation fabric. We’re not looking to change that identity—we’re looking to amplify it. Under Mahindra’s stewardship, we will invest further in R&D, electrification, and customer-centric solutions. Our goal is to build on SML’s heritage while accelerating its growth trajectory through synergies in manufacturing, supply chain, and technology.

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CSM: The timing of this acquisition, amid the global shift toward electric mobility, is notable. Where does SML Isuzu stand in the EV transition, and what role will it play in Mahindra’s sustainability goals?

RJ: Electrification is not the future—it’s the present. SML Isuzu is already ahead of the curve with its electric school bus program, which has gained traction in both government and private sectors. That aligns closely with Mahindra’s commitment to achieving carbon neutrality and leading India’s EV revolution. We will scale up SML’s EV initiatives, leveraging Mahindra’s in-house electric vehicle technology and charging infrastructure expertise. The vision is clear: make SML Isuzu a leader in sustainable, smart, and safe transportation solutions.

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CSM: How do you plan to integrate SML Isuzu’s operations with Mahindra’s existing automotive business?

RJ: Integration is a delicate balance of alignment and autonomy. While we will unify processes in procurement, manufacturing, and R&D to achieve cost efficiencies, we will retain SML’s distinct brand identity and market positioning. Their strength in niche segments like school buses and ambulances gives us a competitive edge that we won’t dilute. Instead, we’ll enhance it with Mahindra’s scale, global footprint, and innovation ecosystem. It’s about ‘together, we grow’—not ‘we take over’.

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CSM: The commercial vehicle industry in India is poised for substantial growth. How is SML Isuzu positioned to capitalize on this opportunity?

RJ: India is on the move—literally and figuratively. As the fourth-largest economy, with massive investments in infrastructure, urbanization, and rural connectivity, the demand for commercial vehicles is set to surge. SML Isuzu is well-positioned in segments like last-mile delivery, public transport, and specialized vehicles. We’ve already expanded production capacity and invested in smart factories. With Mahindra’s backing, we’re now equipped to scale rapidly, meet rising demand, and export to global markets—something that’s very much on our roadmap.

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CSM: What leadership principles are guiding this transformation?

RJ: Leadership, for me, is about clarity of purpose, agility in execution, and empathy in decision-making. In times of change, especially transitions like this, it’s crucial to communicate transparently with employees, dealers, and customers. We’re ensuring that the SML Isuzu team feels valued and integrated into the Mahindra family. That cultural alignment is as important as business synergy. I believe that successful transformation happens when people feel they’re part of the journey, not just observers of it.

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CSM: What are the key milestones you’re targeting in the next 12–24 months for SML Isuzu under Mahindra?

RJ: Short-term, we’re focused on stabilizing the transition and ensuring business continuity. We’re aligning product roadmaps, optimizing supply chains, and preparing for the next wave of EV launches. Within 24 months, we aim to increase SML Isuzu’s market share in buses and light commercial vehicles, especially in the green mobility segment. We’re also exploring export opportunities to neighboring markets where Mahindra already has a presence. Our goal is to make SML Isuzu not just a profitable venture, but a model of sustainable, scalable growth.

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CSM: Any final thoughts for our global C-suite readers on what this deal signifies for Indian industry?

RJ: This acquisition is symbolic of a larger trend: India’s rise as a global manufacturing and innovation hub. The return to majority Indian ownership in a company with such a rich multinational history reflects our confidence in domestic capabilities and our ambition to compete on a global stage. We’re not just building vehicles—we’re building an ecosystem of mobility that’s cleaner, smarter, and more inclusive. And that’s a journey we’re excited to lead.

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As Mahindra & Mahindra embarks on this transformative chapter with SML Isuzu, the road ahead promises not just growth—but leadership in motion.*