After months of speculation and negotiations, Mahindra has announced that it will acquire Italian automotive and industrial design firm Pininfarina, which has been known to design almost every Ferrari model since 1951.
The firm was founded by Battista Pininfarina in 1930. The company has also designed various models for Alfa Romeo, Peugeot, Fiat, General Motors, Lancia, and Maserati.
Post the acquisition, Pininfarina will continue to remain an independent company with Paolo Pinninfarina continuing as the Chairman of its board.
Pininfarina will add enormous value to Tech Mahindra’s portfolio of engineering services. 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.Anand Mahindra, Chairman, Mahindra Group
Mahindra group has been active on the acquisition front. Last year, Mahindra Two Wheelers, a group firm, had acquired Peugeot Motorcycles (PMTC) for 28 million euros.
In 2011, the Mumbai-based firm acquired South Korea’s SsangYong Motor Company (SMC). It holds around 70 per cent stake in SMC, for which it has shelled out USD $463 million.
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