Company History

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


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

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.

 Commercial operations start.


Introduction of indigenously developed bus.


In-house tooling for local production of chassis long member.


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


Transmission components indigenised.


Commencement of Truck supplies to MOD.
500 vehicles supplied to Defence.


Third Truck Model (Swaraj Mazda Premium) launched.


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


BIFR approves Rehabilitation Scheme.


4-Wheel Drive Truck developed.


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


Complete wipe off of accumulated losses.


Bharat Stage-I Emission Norms complied.


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

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.
* Profit Before Tax for FY 2002 crosses Rs. 100 Million mark.
* Dividend raised to 25%.

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


Profit Before Tax for FY-2004 grows 44% to Rs. 324 Million.
Dividend enhanced to 70%.


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.


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.


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


Dividend rate maintained at 55% Highest-ever Profits in the history of the Company.
Launch of Ultra Luxury Buses in July.


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


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.


 Swaraj Mazda renamed as SML ISUZU LIMITED


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.



Launched  Xm -Series Trucks & Buses .

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.