India, April 28 -- Mahindra & Mahindra Ltd ("M&M") today announced that it has entered into an agreement to acquire 58.96% stake in SML Isuzu Ltd. ("SML") at INR 650 per share, which is an outlay of INR 555 crore. In addition, M&M will make an open offer in accordance with SEBI Takeover Regulations.The proposed acquisition is a step towards establishing a strong presence in the >3.5T CV segment, where M&M has a 3% market share today, as compared to a 52% market share in the <3.5T LCV segment. M&M's Trucks and Buses Division has made meaningful progress over the past few years. This acquisition will double the market share to 6%, with a plan to increase this to 10 - 12% by FY31 and 20%+ by FY36.Incorporated in 1983, SML Isuzu is a listed com...