Isuzu, Sumitomo to offload Indian truck unit SML to Mahindra

TOKYO -- Major Japanese trading house Sumitomo Corp. and compatriot Isuzu Motors have agreed to sell their entire stakes in Indian commercial-vehicle joint venture SML Isuzu to local automaker Mahindra & Mahindra within the year.

Sumitomo will offload its 43.96% interest in SML, and Isuzu its 15% stake, under terms announced Monday by the Japanese companies. Mahindra & Mahindra says the deal is valued at 5.55 billion rupees ($65.2 million).