SML Mahindra and the MTBD Slump Sale Deal: Building a Unified Truck and Bus Platform

The board approved acquisition of Mahindra and Mahindra’s Truck and Bus Division business undertaking on a slump sale basis under a Business Transfer Agreement for INR 525 crore, subject to working capital adjustments.

Yes. The disclosure states it is a related party transaction because Mahindra and Mahindra is the holding company and promoter of SML Mahindra, holding 58.97% equity.

During FY2025-26, MTBD sold 14,832 vehicles and posted a turnover of INR 2,989 crore.

The disclosure states the acquisition is proposed to be consummated on or before 31 January 2027 (or later by mutual agreement), subject to SML shareholders’ approval and other conditions precedent; the press release indicates completion during FY2027.

Yes. The press release states manufacturing of Mahindra branded trucks and buses will continue to be undertaken by Mahindra and Mahindra under a contract manufacturing arrangement.

The presentation shows a market share trajectory of FY26 6%, FY31 10-12%, and FY36 20%+ for Mahindra’s Truck and Bus business (SML plus Mahindra Truck and Bus Division).