SML Isuzu Limited has informed the Exchange regarding Appointment of Ms. Mahima Chugh as Non- Executive Director of the company w.e.f. August 01, 2025.
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Mahindra & Mahindra Limited (M&M) has completed the purchase of 85,33,053 equity shares (58.96%) in SML Isuzu from Sumitomo Corporation (43.96%) and Isuzu Motors (15%), becoming the new promoter of the company. Sumitomo has ceased to be the promoter effective August 1, 2025. The board has approved changing the company's name from 'SML Isuzu Limited' to 'SML Mahindra Limited', subject to MCA and ROC approvals. Following the takeover, the board was fully reconstituted: Dr. Venkataraman Srinivas was appointed as Executive Director & CEO and Mr. Vinod Kumar Sahay as Executive Director, both for three-year terms. Ms. Mahima Chugh joined as Non-Executive Non-Independent Director (from M&M's Group Strategy Office), along with three new Independent Directors (Mr. Arun Kumar Malhotra, Ms. Smita Mankad, Mr. Ravi Venkatraman). Seven directors resigned, including MD & CEO Mr. Yasushi Nishikawa and six others (four Sumitomo/Isuzu nominees and two Independent Directors).
This is a major control change with M&M now firmly in charge as promoter, likely bringing stronger capital backing, synergies with Mahindra's commercial vehicle business, and a shift in strategy. Shareholders should see a rebranding to 'SML Mahindra Limited' once approvals come through, and the new Mahindra-led management team could drive operational improvements. Existing minority investors may want to watch how the open offer and integration play out over the coming quarters.