Shardul Amarchand Mangaldas & Co. advises Sumitomo Corporation, Japan on sale of 43.96% of its equity stake in SML Isuzu Limited, a public listed company to Mahindra and Mahindra Limited

May 9, 2025

Shardul Amarchand Mangaldas & Co. advised Sumitomo Corporation, Japan (“Sumitomo”) in a transaction involving execution of a share purchase agreement between Sumitomo, Mahindra and Mahindra Limited (“M&M”) and SML Isuzu Limited, a public listed company in India (“SML Isuzu”) for the sale of 43.96% of the equity stake of SML Isuzu by Sumitomo to M&M.

 

The execution of the aforementioned share purchase agreement has led to the trigger of a mandatory tender offer by M&M under the SEBI Takeover Regulations pursuant to which an open offer has been made by M&M to the eligible public shareholders to acquire up to 26% of the aggregate voting share capital of SML Isuzu.

 

The Transaction team was led by Rudra Kumar Pandey, Partner; Amanjot Malhi, Partner; Ashim Gupta, Senior Associate; Jyoti Gautam Tanwar, Senior Associate; Deepti Pandey, Associate; Sneha Kalia, Associate; Rachit Grover, Associate; and Kunal Gupta, Associate.

 

Disputes Team was led by Ajit Warrier, Partner; Angad Kochhar, Partner; Akshay Sharma, Partner; Smarika Singh, Partner; Aditya Sarin, Principal Associate; Aman Goyal, Associate; Astha Rath, Associate; Ayushi Thakur, Associate; Deeksha Pokhriyal, Associate; Jasneet Jolly, Associate.

 

Employment team was led by Kriti Kaushik, Partner; Suryansh Gupta, Principal Associate; Sanskriti Nigam, Associate.

 

Competition team was led by Harman Singh Sandhu, Partner; Atreyee Sarkar, Partner; Sonali Charak, Principal Associate; Janhavi Jyoti Singh, Associate; Parinita Kare, Associate.

 

Environment team was led by Radhika M. Dudhat, Partner; Priyanka Seth, Counsel; and Dhwani Manish Baxi, Senior Associate.

 

Real Estate team was led by Shrutikirti Kumar, Partner; Arnav Sahni, Principal Associate; and Aman Gupta, Associate.

 

Securities law aspects (including open offer related regulatory considerations) were led by Kanwardeep Singh, Principal Associate.

 

Prashant Saran, Senior Consultant also shared his inputs on securities law aspects.

 

Tax team was led by Rahul Yadav, Principal Associate; Nimish Malpani, Senior Associate; and Saksham Nalotia, Associate.