It November it was reported that troubled Italian design firm Pininfarina, which is famous for designing the vast majority of Ferrari’s road cars, would be bought by Indian company Mahindra & Mahindra. That deal has now gone through, with Mahindra acquiring a 76.06 percent stake in Pininfarina from parent company Pincar for approximately $36 million.
With the sale Mahindra has also agreed to provide indebted Pininfarina with a cash injection of over $21 million and will also absorb the company’s debts. The design firm will also remain independent and retain its stock market ticker – meaning we can expect the company to continue designing for third party companies that aren’t Mahindra.
However Mahindra will still greatly benefit from the acquisition, with the company saying its Tech Mahindra subsidiary, which specializes in engineering consultancy, will receive a particular boost.
“Pininfarina will add enormous value to Tech Mahindra’s portfolio of engineering services,” said Mahindra chairman Anand Mahindra. “But just as important is the fact that the legendary high-end design credentials of Pininfarina will significantly enhance the design capabilities of the entire Mahindra Group.”