CCI clears takeover of Ecom Express, SML Isuzu

The Competition Commission of India (CCI) said in two separate announcements 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.

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.

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.

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.