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Brief history since inception

SML ISUZU LIMITED was incorporated in July 1983 as Swaraj Vehicles Limited to manufacture Light Commercial Vehicles (LCV) in the state of Punjab. It was the result of Government of India initiatives for installing the LCV unit in order to save the fuel consumption in the economy. Punjab State Industrial Development Corporation (PSIDC) obtained the letter of intent in 1981 and subsequently transferred the same in favour of the Company in 1983.

The project in its concept, aims at breaking new ground not only in terms of product and production technology, but also in building a new culture and value system in the organization, which enables it to move forward with confidence into the era of competitive markets. This guiding philosophy is dictating every facet of project implementation both in physical facilities and the human side.

The best way to address growth opportunities, harness and open up new markets was through leadership in product technology. The search for technology brought the company face to face with Peugeot and renault of France, Volkswagen and Man of West Germany, Leyland of U.K., TAM of Yugoslavia and Isuju Duihatsu and Mazda of Japan, while evaluating the relevant technologies of these countries, the criteria that the Management had kept before itself was to select a vehicle powered by a four cylinder diesel engine, capable of providing maximum pay-load capacity best suited for local conditions and fuel efficient thus ensuring best value for money to the Indian consumer. It was this approach that led the company to Tokyo Kogyo Company Limited (known as Mazda Motor Corporation) the well know Japanese manufacturers of the internationally known as Mazda Automobiles and LCVs.

Subsequently, the Company was renamed as Swaraj Mazda Limited. In addition to providing technical know how, Mazda Motor Corporation and their associate trading house the well know Sumitomo Corporation have also agreed to participate financially in the equity of the project.

In the year 1986, the Company started the commercial operations.

Major Milestones

2023

‘Vajra Van’ Special Application Vehicle for the Riots Control added to product mix. Changeover to OBD-II (BS6 Phase-II) vehicles successful.

2022

‘ecoMax LR’ bus facelift to GS Cabin.

2021

Global Series Dual Cabin Trucks Launched.

2020

Launch of Front Overhang Bus Range named “Hiroi” and successful all vehicles transition to BS6 compliance.

2018

New Truck Range "'Global Series" along with Telematics & Vehicle Tracking Solution: "SMLSaarthi" launched.

2017

New Trucks with a facelift launched.

2015

Vehicle Sales crossed 2,00,000 units.

2013

Launched Xm -Series Trucks & Buses .

2012

SML S7 Bus , Wheel Base -5100 mm , 50+1 Seater Launched.

BS-IV Complaint Engine Successfully Tested.

ISUZU FR1318 Luxury Bus , Wheel Base - 5400 mm Launched.

SML HG72 Truck GVW 7200 Kg Truck Launched.

SML HD19 Truck GVW 10250 Kg Truck Launched.

2011

Swaraj Mazda renamed as SML ISUZU LIMITED

2010

During the financial year 2009-10 company had issued 3,984,946 equity share of Rs. 10 each at a premium of Rs. 190 per share on rights basis to the Equity shareholders of the company in the ratio of 11 equity shares for every 50 Equity shares held on the record date and raised Rs. 7,969.89 lacs for financing of Expansion project, repayment of loan taken from Allahabad Bank (for Expansion Project) and for general corporate purposes.

2009

Sumitomo raised its stake in the Company to 53.5% by buying entire equity holding of Punjab Tractors Ltd. in the Company in January.

2008

Dividend rate maintained at 55% Highest-ever Profits in the history of the Company.

Launch of Ultra Luxury Buses in July.

2007

Dividend rate maintained at 55% Trial Production of Isuzu Bus LT134 taken up in July.

2006

Permission from Government for new manufacturing facilities at existing site obtained in January.Dividend rate lowered to 55% due profit decline Technical Assistance Agreement with Isuzu Motors signed in June. Aggregate vehicles sale crosses 1,00,000 in August. Construction of Buildings for vehicle expansion and new Bus Body Plant taken up in August.

2005

Cumulative sales crossed 86,000 vehicles.Bharat Stage-III emission norms complied (both diesel & CNG).Dividend enhanced to 75%.Punjab Tractors offloads 15% of equity stake in favour of Sumitomo Corporation, Japan in June.Mazda Motor Corporation offloads 15% of equity holding in favour of Sumitomo Corporation, Japan in August.

2004

Profit Before Tax for FY-2004 grows 44% to Rs. 324 Million.

Dividend enhanced to 70%.

2003

Profit Before Tax for FY-2003 grows 115% to Rs. 225 Million. Dividend enhanced to 45%.

2002

* Profit Before Tax for FY 2002 crosses Rs. 100 Million mark.

* Dividend raised to 25%.

2001

Cumulative sales crossed 50,000 vehicles.4 Wheel Drive Ambulance launched in March.Economy Truck ‘SARTAJ' launched in August.CNG Bus for NCR Delhi launched in October.Bharat Stage-II Emission Norms complied.

2000

Maiden Dividend declared @ 10%.Technical Assistance Agreement with Mazda extended upto October 2004.

1999

Bharat Stage-I Emission Norms complied.

1998

Complete wipe off of accumulated losses.

1997

Company ceases to be a Sick Industrial Company on the basis of positive net worth - 4 years ahead of BIFR Scheme projections.

1996

4-Wheel Drive Truck developed.

1995

BIFR approves Rehabilitation Scheme

1994

Declared a Sick Company under SICA (due to Rupee devaluation of 1991-93).

1993

Third Truck Model(Swaraj Mazda Premium) launched.

1992

Commencement of TruckSupplies to MOD. 500 vehicles supplied to defence.

1991

Transmission components indigenised

1990

In-house developed Second Truck Model(Swaraj Mazda Super) launched.

1989

In-house tooling for local production of chassis long member

1987

Introduction of indigenously developed bus

1986

Commercial Operation started.

1985
Project set up with a capacity of 5000 LCVs at capital outlay of Rs.20.0 crores. Equity of Rs. 10.5 crores was subscribed by
      Rs. in Crores
Punjab Tractors Ltd. 29.0%   3.04
Mazda Motor Corpn. Japan 15.6%   1.64
Sumitomo Corpn. Japan 10.4%   1.09
Public 45.0%   4.73
Trial Production and Test Marketing of Swaraj Mazda TruckWT-48, WT-49, WT-50 LCVs commence.
Development of vendor base as per PMP approved by Govt. of India undertaken.
1984

Joint Venture and Technical Assistance concluded between Punjab Tractor Ltd., Mazda Motor Corporation, Japan & Sumitomo Corporation, Japan . SVL renamed Swaraj Mazda Ltd.

1983

The Company was incorporated in July 1983 in the name of Swaraj Vehicles Limited.

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