SML Isuzu Limited was formed in 2010 from the Swaraj Mazda company. Mazda had pulled out of the venture, and the Swaraj name had been sold to Mahindra when the tractor division, (Punjab Tractors), was sold off. The Sumitomo Corporation and Isuzu are now partners in this company and produced several licensed-Isuzu products.


Mazda Bongo Van Bus

Mazda Bongo Van-Bus


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.

‘1985’ Project set up with a capacity of 5000 LCVs at capital outlay of Rs. 200 million. Equity of Rs. 105 million was subscribed by

Mazda Bongo Bus Turquoise Blue

Mazda Bongo Bus Turquoise Blue

swaraj mazda logo

Mazda Bongo Catalogue

Mazda Bongo Catalogue

                   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.



mazda Civilian

Commercial operations start.

1960 Mazda Litebus a

1960 Mazda Litebus

‘1987’ Introduction of indigenously developed bus.

‘1989’ In-house tooling for local production of chassis long member.

‘1990’ In-house developed Second Truck Model (Swaraj Mazda Super) launched.

‘1991’ Transmission components indigenised.

‘1992’ Commencement of Truck supplies to MOD. 500 vehicles supplied to Defence.

‘1993’ Third Truck Model (Swaraj Mazda Premium) launched.

‘1994’ Declared a Sick Company under SICA (due to Rupee devaluation of 1991–93).

‘1995’ BIFR approves Rehabilitation Scheme.

‘1996’ 4-Wheel Drive Truck developed.

Mazda T1500

Mazda T1500

‘1997’ Company ceases to be a Sick Industrial Company on the basis of positive net worth – 4 years ahead of BIFR Scheme projections.

‘1998’ Complete wipe off of accumulated losses.

‘1999 Bharat Stage-I Emission Norms complied.

‘2000’ Maiden Dividend declared @ 10%. Technical Assistance Agreement with Mazda extended up to October 2004.

‘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.


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

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

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

‘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.

‘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 100,000 in August. Construction of Buildings for vehicle expansion and new Bus Body Plant taken up in August.

‘2007’ Dividend rate maintained at 55% Trial Production of Isuzu Bus LT134 taken up in July.

‘2008’ Dividend rate maintained at 55% Highest-ever Profits in the history of the Company. Launch of Ultra Luxury Buses in July.

‘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.

‘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. 796989,000 for financing of Expansion project, repayment of loan taken from Allahabad Bank (for Expansion Project) and for general corporate purposes.


Mazda Lite bus AEVA 003+004+ AEXA 001

Swaraj Mazda renamed as SML ISUZU LIMITED

‘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.


SML 1.Cosmo 2.Sartaj HG72(SHD, SMDC, AOD) 3.Prestige 4.Supreme 5.Super(14,17.5,21) 6.Samrat 7.Samrat HD19 8.Super 12



SML 1.Cosmo AC Cab 2.Executive Bus 3.Std. School Bus 4. S7 School Bus 5. Semi low Floor Bus 6. Std Staff Bus 7.S7 Staff Bus 8.Bus Chassis

ISUZU 1. NQR 2. FR1318 3. LT134 4.IS12TE Chassis 5.NQR Bus Chassis 6.LT134 Bus Chassis

1960 Mazda Litebus a 1960 Mazda Litebus 2012 Swaraj Mazda Rental in Bangalore 2013 SML 120413651 S7 Complete Range 2014 SML Isuzu Semi Low Floor CNG 2014 SML ISUZU 080225 mazada product 6 Mazda Atomic Coach T3500 Mazda Bongo Bus Turquoise Blue Mazda Bongo Catalogue Mazda Bongo Van Bus mazda Civilian Mazda Lite bus AEVA 003+004+ AEXA 001 Mazda Lite buses Mazda proterra-fast-charge-image Mazda SML-bus-52 Mazda T1500 Mazda T3500 i Mazda T3500 Mazda_Logo-history Mazda-premium3 new-swaraj-mazda-buses-1379784970-1396326067 SML ambulance_2 sml buses-ch SML Isuzu (formerly Swaraj Mazda) SML ISUZU (mazda) SML sml-isuzu_logo_1 sml-isuzu-500x500 Swaraj Mazda a Swaraj Mazda Ac Swaraj Mazda Ambulance 1 Swaraj Mazda Ambulance a Swaraj Mazda Ambulance swaraj mazda logo SWARAJ MAZDA SCHOOL BUS swaraj mazda t3500 Swaraj Mazda tourist OLYMPUS DIGITAL CAMERA swarajmazda Swaraj-Mazda-Mini-bus swaraj-truck Swaray Mazda HKS

That’s it.