Indian industrial manufacturer Mahindra will buy troubled Italian design firm Pininfarina, Autocar reports. Pininfarina, which formerly served as Ferrari’s main design house, has been operating in the red in recent years and has a reported debt of over $56 million USD.
Mahindra’s purchase of Pininfarina comes following talks between the design house’s main shareholder, Pincar, along with its creditor banks and Mahindra itself. The deal will result in Pincar selling off all of its shares in the company and reorganizing the company’s debts, according to Autocar.
Pininfarina is famous for designing the vats majority of supercar manufacturer Ferrari’s road cars. The company was responsible for lending its pen to over 100 Ferraris, however the automaker has since moved its design ventures in house. In addition to Ferrari, Pininfarina has designed cars for Maserati, Cadillac, Alfa Romeo and others. Most recently, it designed a concept tractor for Czech tractor company Zetor.
Details on the Pininfarina-Mahindra deal have yet to be released, however the design firm is said to be valued at about $159m USD.