Heavy Commercial Road Vehicles (HCRVs) were involved in 31% of road accident fatalities in India in 2019, despite constituting only 5.34% of the total vehicle population. These fatalities can be potentially prevented by active vehicle safety systems such as Antilock Brake System (ABS) that regulates the wheel slip ratio. Commercial ABS solutions disclose limited information about the methodology of Wheel Slip Regulation (WSR). However, the aspects of where to regulate the wheel slip and how to obtain an estimate of wheel slip are not provided. This thesis addresses these two aspects. The objective of this thesis is to develop estimation algorithms for wheel slip ratio and reference slip for the implementation of the WSR algorithm for HCRVs with experimental demonstration. First, an Optimal Reference Slip Algorithm (ORSA) was designed based on a least-squares formulation to obtain reference slip corresponding to an unknown tire-road interface. Subsequently, the wheel slip ratio estimator was developed as a Radius Searching Recursive Least Squares (RS-RLS) algorithm that was later evolved to a computationally efficient formulation based on a maximum likelihood estimator (MLE). The ABS algorithm was formed by combining ORSA with RS-RLS and MLE with the existing WSR algorithm and it was experimentally compared on a hardware-in-loop setup for ABS performance and an automotive-grade Electronic Control Unit (ECU) for real-time computational performance. The final ABS algorithm improved the average braking distance when compared to open-loop scenarios, and had an ECU computation time of 2 ms for an iteration time of 10 ms. It is expected that this thesis would contribute significantly to the development of an indigenous ABS that is expected to catalyze further developments in this domain.