Italian transport design studio Pininfarina, which specializes in creating sports cars for brands like Ferrari, Alfa Romeo, Peugeot, Maserati, and Rolls Royce has been acquired by Indian Mahindra.
Mahindra, a massive conglomerate based in India, will pay around $28 million for 76-percent of the Italian design house, and plans to make offers for the remaining 24 percent. Those tracking the deal were surprised that the acquisition is being made through Tech Mahindra, rather than parent Mahindra & Mahindra, which makes SUVs, tractors and other vehicles. But we know that the Cambiano, Italy-based company also has worked on high-speed trains, buses, trams, yachts, airplanes, and private jets, and provides consultation on industrial design, interior design, architecture, and graphic design. So now Tech Mahindra CEO and MD CP Gurnani will add Pininfarina's legendary design skills to the company's integrated engineering solutions enables a strong entry into Pininfarina and development and reinforces body engineering capabilities.
"You have to bear in mind that under this deal the company will be recapitalised and will have better growth opportunities," Pininfarina CEO Silvio Angori told reporters.
"Negotiations between controlling shareholder Pincar, creditor banks and Mahindra... over the acquisition of Pininfarina's shares owned by Pincar and debt restructuring never broke off," the person was cited as saying.
Pininfarina has been making losses for years and its net debt stood at 52.7 million euros ($57 million) at the end of June.
