Mahindra & Mahindra Ltd (M&M) on Saturday said it has completed the acquisition of a 58.96% controlling stake in commercial vehicle maker SML Isuzu Ltd from Japan’s Sumitomo Corporation and Isuzu Motors for Rs 555 crore.Following the buyout, the company has been renamed ‘SML Mahindra Ltd’, M&M said in a statement. The reconstituted board will be chaired by Mahindra Group veteran Vinod Sahay, who has been appointed Executive Chairman effective August 3, 2025. Dr Venkat Srinivas took charge as Executive Director and CEO from August 1, PTI reported.Both leaders will continue in their existing roles—Sahay as President of Aerospace & Defence, Trucks, Buses & Construction Equipment at Mahindra Group, and Srinivas as Business Head for Mahindra Truck & Bus (MTB) and Construction Equipment (CE).The acquisition also triggers a mandatory open offer to acquire up to 26% stake from public shareholders, in line with SEBI’s takeover regulations.M&M said the move is a significant step toward expanding its presence in the >3.5-tonne commercial vehicle (CV) category, where its current market share is just 3%, compared to 54.2% in the sub-3.5-tonne light commercial vehicle segment. The company aims to double its market share in the segment to 6% immediately, with a medium-term goal of 10–12% by FY31 and over 20% by FY36.SML, established in 1983, is a listed firm with nationwide presence and a strong position in the intermediate and light commercial vehicle (ILCV) bus segment, where it commands a 16% market share.The Competition Commission of India had approved the transaction in June. The board’s resolution to rename the company as ‘SML Mahindra Limited’ is subject to clearances from the Registrar of Companies (RoC), Central Registration Centre, Ministry of Corporate Affairs, and shareholders.