CCI clears Delhivery’s takeover of Ecom Express, Mahindra’s acquisition of SML Isuzu

/2 min read

ADVERTISEMENT

The two high-impact M&A moves reshape India’s logistics and commercial vehicle sectors amid a consolidation drive.
THIS STORY FEATURES
Mahindra & Mahindra Ltd Fortune 500 India 2024
SML ISUZU Ltd The Next 500 2024
Delhivery Ltd Fortune 500 India 2024
CCI clears Delhivery’s takeover of Ecom Express, Mahindra’s acquisition of SML Isuzu
Delhivery's acquisition of Ecom Express is expected to create one of the largest integrated logistics platforms in the country. Credits: Fortune India
In this story
Profiles Mentioned in this article

The Competition Commission of India (CCI) said in two separate announcements on Tuesday that it has cleared two strategic acquisitions poised to reshape the country’s logistics and mobility sectors. The greenlights came for Delhivery’s near-total acquisition of Ecom Express and Mahindra & Mahindra’s proposed takeover of commercial vehicle manufacturer SML Isuzu.

Delhivery to acquire 99.44% stake in Ecom Express

The CCI approved Delhivery Limited’ s acquisition of at least 99.44% equity and preference shareholding in Ecom Express Limited on a fully diluted basis, marking a major consolidation in India’s e-commerce logistics space. Delhivery said in April that it has acquired the controlling stake in Ecom Express in a deal worth ₹1,407 crore.

Fortune India Latest Edition is Out Now!
India's Top 100 Billionaires

August 2025

As India continues to be the world’s fastest-growing major economy, Fortune India presents its special issue on the nation’s Top 100 Billionaires. Curated in partnership with Waterfield Advisors, this year’s list reflects a slight decline in the number of dollar billionaires—from 185 to 182—even as the entry threshold for the Top 100 rose to ₹24,283 crore, up from ₹22,739 crore last year. From stalwarts like Mukesh Ambani, Gautam Adani, and the Mistry family, who continue to lead the list, to major gainers such as Sunil Mittal and Kumar Mangalam Birla, the issue goes beyond the numbers to explore the resilience, ambition, and strategic foresight that define India’s wealth creators. Read their compelling stories in the latest issue of Fortune India. On stands now.

Read Now

Delhivery, a publicly listed logistics giant, has grown into a full-stack player offering express parcel and freight services, warehousing, supply chain management, and cross-border logistics. Known for its heavy investments in automation and data-driven delivery intelligence, Delhivery’s integration of Ecom Express—a specialist in e-commerce-focused logistics—signals a bid to consolidate market share and bolster last-mile capabilities.

Ecom Express, though unlisted, has carved out a significant presence in India’s booming e-commerce sector through a network optimised for returns, reverse logistics, and warehousing. The acquisition is expected to create one of the largest integrated logistics platforms in the country.

A detailed order from the Commission on the combination is awaited.

Mahindra gets nod to acquire SML Isuzu

In another strategic greenlight, the antitrust body also cleared Mahindra & Mahindra’s acquisition of SML Isuzu Limited, a player in the commercial vehicle (CV) segment. In late April, M&M said that it is acquiring a combined 58.96% stake—comprising 43.96% held by Sumitomo Corporation and 15% by Isuzu Motors—for ₹555 crore. In addition, Mahindra has earmarked another ₹585 crore for a mandatory open offer to acquire an additional 26% stake from public shareholders at ₹1,554.6 per share.

The move aligns with Mahindra’s intent to deepen its presence in the CV market, particularly in the light and medium commercial segments. SML Isuzu, known for its Japanese collaboration and niche in school buses, cargo trucks, and specialised vehicles, complements Mahindra’s broader mobility portfolio spanning tractors, SUVs, EVs, and farm equipment.

Mahindra & Mahindra, the flagship of the diversified Mahindra Group, has interests across sectors including logistics, IT, financial services, hospitality, and renewable energy. The acquisition of SML Isuzu could offer strategic synergies, product crossovers, and access to newer customer bases, as Mahindra positions itself to tap India’s growing demand for intra-city and mid-mile transport solutions.

The Commission’s detailed orders in both transactions are expected to follow.

Fortune India is now on WhatsApp! Get the latest updates from the world of business and economy delivered straight to your phone. Subscribe now.