On June 17, 2025, the Competition Commission of India (CCI) has approved the following proposals:
- Delhivery Limited’s acquisition of at least 99.44% of the equity and preference shareholding of Ecom Express Limited.
- The proposed acquisition of SML Isuzu Limited by Mahindra and Mahindra Limited(M&M).
Acquisition of Shareholding of Ecom Express Limited by Delhivery Limited:
CCI has approved the acquisition of at least 99.44% of the equity and preference shareholding (on a fully diluted basis) of Gurugram (Haryana) based Ecom Express Limited (Ecom), valued at Rs.1,407 Crores, by Gurugram based Delhivery Limited (Delhivery). The entire transaction of the acquisition involves cash.
- This move represents a major consolidation in India’s e-commerce logistics sector and is aimed at enhancing Delhivery’s last-mile delivery and fulfillment capabilities.
- Through this acquisition, Delhivery will bolster its dominance in the e-commerce delivery market by expanding its warehousing, fulfilment, and last-mile infrastructure.
Key Points:
i.Delhivery is a publicly listed Indian company. It is an integrated logistics player and provides a full range of logistics services, including parcel delivery, heavy goods delivery, full truckload freight, part-truckload freight, warehousing and supply chain services (including supply chain software solutions and value-added services), and cross border express services.
ii.Ecom is a public unlisted company. It provides logistics solutions to the Indian electronic-commerce (e-commerce) industry.
- Ecom uses automated solutions to enable pickup, processing, network operations, delivery, reverse logistics and returns management. Ecom also offers storage and warehousing solutions.
Acquisition of SML Isuzu Limited by M&M:
CCI has approved Mumbai (Maharashtra) based Mahindra & Mahindra(M&M)’s acquisition of a 58.96% stake in Nawanshahr(Punjab) based SML Isuzu Limited(SMLI), formerly known as Swaraj Mazda Limited, for Rs.555 crore.
- The CCI granted its approval under Section 31(1) of the Competition Act, 2002.
- With this acquisition, M&M aims to strengthen its presence in the commercial vehicle segment above 3.5 tonnes(t).
Key Points:
i.The acquisition will be completed through two separate transactions.
- M&M purchased the entire 43.96% stake from Promoter, New Delhi (Delhi) based Sumitomo Corporation India Private Limited.
- It also purchased 15% stake held by public shareholder, Isuzu motors.
ii.The transactions will be followed by an Open Offer to acquire up to 26% of the company’s equity from public shareholders at Rs.1554.60 per share.
iii.M&M is the flagship company of the Mumbai based Mahindra Group, which is a leading Indian federation of companies with diversified interests across various sectors of economic significance.
- It includes automotive, farm equipment, agricultural products and services, smaller range power generation equipment, financial services, Information Technology (IT), logistics, alternative energy, aerospace, steel processing, trading, insurance broking, real estate and infrastructure, and hospitality.
iv.SML Isuzu Limited, established in 1983, is engaged in the business of manufacture and sale of Commercial Vehicles (CVs) such as trucks and buses.
About Competition Commission of India (CCI):
Chairperson – Ravneet Kaur
Headquarters – New Delhi, Delhi
Established – 2003
