Indian automobile manufacturer Mahindra was rumoured to purchase the famous Italian design house named Pininfarina. Now, Tech Mahindra and Mahindra & Mahindra has confirmed that it will purchase 76,06 % of Pininfarina shares from Pincar S.r.l for just of €1,1 per share with plans to purchase even more in the near future.
Tech Mahindra; the brand’s IT branch will be 60% stakeholder while Mahindra & Mahindra automobile manufacturer will attain the other 40%. Mahindra has assured that Pininfarina will still operate as an independent company and remain listed on the Milan Stock Exchange with Paolo Pininfarina staying on as the company’s chairman.
Mahindra has confidence in this purchase and state that it is a critical move regarding automotive development considering that Pininfarina has a solid foundation in both Asian and European markets. This something that Mahindra wishes to build on.
Mahindra are excited about its new acquisition as it will bolster their financial portfolio and improve the quality of design regarding its vehicles.